The Korean government will donate $3 million over the next three years to support climate change initiatives in Central Asian countries, Yonhap reports.
According to the finance ministry of South Korea, the agreement for the donation to the Climate and Sustainability Project Preparatory Fund was signed Friday during ministerial-level meetings held in Kazakhstan under the CAREC program of the Asian Development Bank (ADB). The program is a partnership of 11 countries and development partners focused on fostering regional development and cooperation.
Korea is a founding member of ADB’s newly established fund, and its contribution will be the largest among the fund’s founding members, according to the ministry.
The fund will be utilized for building infrastructure, promoting energy projects and supporting agriculture, fisheries and regional supply chain stabilization.
The ministry said the fund is expected to help strengthen communication and partnerships between Korea and Central Asian countries, with hopes that Seoul’s contribution will lead to various projects aimed at combating climate change.