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S. Korea to triple EDCF loans to fight climate change by 2025

The signboard of the Ministry of Economy and Finance (MOEF)
The signboard of the Ministry of Economy and Finance (MOEF)
South Korea plans to triple its low-interest rate loans for green energy projects sought after by emerging countries by 2025, the finance ministry said Monday.

The country will increase the Economic Development Cooperation Fund (EDCF) in the green energy field to $600 million in 2025 from last year's $200 million, according to the Ministry of Economy and Finance.

The government also plans to raise the proportion of the green-related loans to 40 percent of its total EDCF program from the current 22 percent.

It is part of South Korea's efforts to boost economic cooperation with developing nations on its signature New Deal initiatives, including digital and green New Deal projects.

South Korea launched the EDCF program in 1987 in an effort to help other developing countries with their basic infrastructure facilities.

The country plans to achieve the goal of carbon neutrality by 2050 in a bid to transform the country's fossil-fuel reliant economy into an eco-friendly one. (Yonhap)
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