The World Bank Group (WBG) welcomed Hyundai Steel as a new partner in the World Bank Group Partnership Fund for the Sustainable Development Goals (SDG Fund).
Hyundai Steel’s $85,000 contribution will support the Fund’s core activities to strengthen countries’ capacity to achieve inclusive and sustainable growth paths toward the SDGs.
Hyundai Steel is the first private sector entity to partner with the SDG Fund, joining the governments of Sweden and the Republic of Korea. The company’s contribution exemplifies the Fund’s commitment and vision for public-private partnerships in implementing the 2030 Agenda.
Shared objectives between Hyundai Steel and WBG
Mahmoud Mohieldin, WBG Senior Vice President for the 2030 Agenda, United Nations Relations and Partnerships, said: “We are delighted to welcome Hyundai Steel as the first private sector partner of the SDG Fund.”
He continued: “There is a clear need to catalyse and crowd in private sector investment to support SDG action. Hyundai Steel’s partnership with the World Bank Group underscores our shared objectives to support sustainable and inclusive growth in client countries.”
Established less than one year ago, the SDG Fund supports partnerships across the public and private sectors to strengthen countries’ capacity through analytical tools and data, knowledge products, and implementation support for achieving the SDGs.
Ko Sun Jung, the team manager for corporate social responsibility at Hyundai Steel, explained that until recently the company’s global social contribution model has largely been around the staff's voluntary service.
He added: “But by aligning the model with global standards, Hyundai Steel seeks to play a leading role as a global steel company.”
World Bank news
To date, the SDG Fund has enabled 46 country pilots in every region of the world, working in areas such as the digital economy, gender, inclusion, data, human development, in addition to capacity building and technical assistance efforts.