S. Korea, World Bank to launch green growth fund

South Korea and the World Bank agreed to intensify their cooperation in helping developing countries pursue green growth, the finance ministry here said Thursday. Under a memorandum of understanding signed in Washington, Seoul will launch the Korea Green Growth Partnership Trust Fund and commit US$40 million to the fund over the next four years, the ministry said. The deal was inked between World Bank President Robert Zoellic and Finance Minister Bahk Jae-wan, who will stay in Washington to attend the annual meetings of the International Monetary Fund and the World Bank. The fund will be tapped to provide support for developing countries in their research and investment in such fields as transportation, energy and water resource development, the ministry said. With the deal, South Korea became the first to partner with the World Bank for its green growth initiative, the ministry said. South Korea has been ramping up its pursuit of green growth under the Lee Myung-bak administration. It calls for decreasing the nation's dependence on fossil fuels and promoting the development of alternative energy sources, such as solar and wind power, and other technologies to enhance energy efficiency.