The World Green Economy Organization (WGEO) and the Global Green Growth Institute (GGGI) have signed a partnership agreement in Dubai, UAE to fast-track green investments into bankable smart city projects.

The joint initiative makes it possible for smart green cities and sustainable infrastructure projects to gain access to grants and investments through the WGEO Trust Fund. Sixty bankable smart green city projects worth a total of $1.1 billion are being delivered by GGGI to this initiative over the next three years. Each project benefits from the explicit support of host government, and as such present a competitive advantage to interested investors.

The joint project between WGEO and GGGI will serve as a platform to identify, develop and fund long-term, high-impact bankable projects. Recognizing that people are at the centre of sustainable development, the partnership between WGEO and GGGI aims to contribute to securing a world that is equitable and inclusive. Sustainable economic development means that the green economy must include the reduction of inequalities and bring multiple social, economic and environmental benefits to all citizens.

“Smart green cities and sustainable infrastructure projects create unprecedented opportunities for long-term prosperity, leading to more vibrant and attractive markets, healthy economies, poverty reduction, and sustainable development,” said Saeed Mohamed Al Tayer, chairman, World Green Economy Organization

“The World Green Economy Organization is uniquely placed to provide systematic and holistic catalytic support to the promotion of the green economy, meaning that it will handle all aspects of the promotion of green economy. Access to green finance through the WGEO Trust Fund is one among a number of practical value propositions offered by the organization,” he added.

Dr Frank Rijsberman, director-general of GGGI said: “I see a tremendous opportunity in our collaboration from jointly setting up the process to managing the Project Preparation phase and developing green city bankable projects. I’m confident that our projects will attract the GGGI Member countries as well as WGEO investors to want to invest.” – TradeArabia News Service