The Government of Korea has made a commitment to invest $9 million (£6.4m) in a programme aimed at addressing the global climate crisis.
The Korea-IFC (International Finance Corporation) Partnership Programme (KIPP), originally singed in 2018, has supported 10 IFC projects globally, with a focus on infrastructure, public-private partnerships and information and communication technologies.
The KIPP is now expanding to include IFC projects in emerging markets with a focus on climate smart initiatives.
IFC and Korea will work jointly to deploy resources in targeted ways that deliver on the new climate ambitions of the partnership.
Kwangchul Ji, Director of the Development Finance Division, Ministry of Economy and Finance Korea said: “The new $9 million commitment to KIPP reaffirms Korea’s strong support for the IFC’s Upstream approach, improving market conditions in developing countries to attract private investment.
“We anticipate that the role of KIPP will be further strengthened by the inclusion of climate in the priority areas, in connection with Korea’s Green New Deal and commitment to increase Green ODA [Official Development Assistance] contributions.”