WASHINGTON, April 12, 2019 – The Government of Korea (GoK) and World Bank Group (WBG) today announced a $900,000 contribution from the GoK to the recently launched WBG Partnership Fund for the Sustainable Development Goals (SDG Fund). The funding will support the SDG Acceleration Toolbox to help WBG member countries achieve an inclusive and sustainable development path toward the SDGs.
The SDG Acceleration Toolbox will focus on the following countries: Kazakhstan, Vietnam, and Egypt. A comprehensive country development diagnostic combined with an in-depth thematic and sector-focused assessment of policies and institutions, the SDG Acceleration Toolbox will strengthen countries’ ability to implement the 2030 Agenda and attain the SDGs.
The activity will be conducted in partnership with the Government of Korea and the Institute for Global Engagement and Empowerment (IGEE) Ban Ki-moon Center for Sustainable Development at Yonsei University. The Government of Korea is the second donor to join the SDG Fund after Sweden, which helped launch the SDG Fund with an initial contribution of $7 million.
“The SDGs are a comprehensive vision and a daunting challenge for countries. The Government of Korea is pleased to partner with the World Bank Group to develop innovative approaches that help WBG client countries achieve the SDGs” said Chang Huh, Director General, GoK Ministry of Economy and Finance.
“We are very pleased to launch the SDG Accelerator Toolbox with the Government of Korea and the Ban Ki-moon Center for Sustainable Development,” said WBG Senior Vice President Mahmoud Mohieldin. “This is an excellent collaboration between the World Bank Group, Government of Korea, and our client countries, and it is aligned with WBG SDG Fund objectives in promoting partnerships under SDG 17.”
Established in October 2018, the multi-donor WBG SDG Fund provides financing to strategic and high-impact initiatives that can help countries strengthen implementation of the global goals. It focuses on capacity building, quality data, knowledge generation, and institutional strengthening for the achievement of the SDGs. Since its launch, the WBG SDG Fund has financed 15 activities led by World Bank Group teams, in many cases in partnership with the UN, private sector, academia, and other development partners.
Activities cover a broad range of sectors including, for example, supporting sustainable energy (SDG7) and climate change (SDG13) through the provision of renewable energy in emerging markets, enabling access to credit for marginalized groups, creating decent work (SDG8), promoting gender equality (SDG5), strengthening welfare analysis frameworks and tools for inclusive growth (SDG8), and reducing inequalities (SDG10).