Luxembourg, 23 June 2022 (TDI): Frank Rijsberman, Director-General at the Global Green Growth Institute (GGGI) met with Jean Asselborn, Minister of Foreign and European Affairs of the Grand Duchy of Luxembourg.
The Grand Duchy signed an agreement with GGGI to set up a new office in Luxembourg. Besides, two other Ministers from Luxembourg attended the event.
They were Joëlle Welfring, Minister for the Environment, Climate and Sustainable Development, and Yuriko Backes, Minister of Finance of Luxembourg.
GGGI: An Overview
The GGGI is a treaty-based global development organization. It is headquartered in Seoul, South Korea. Its goal is to assist its members toward a green growth economic model.
Additionally, the goal of GGGI is to fight poverty, social exclusion, and environmental damage. The organization works in more than 30 countries.
Collaboration between the Grand Duchy and GGGI started 4 years ago, in 2018. Ever since both parts have been working jointly. Their work includes projects that are focused on circular economy & sustainable waste management.
During this time, they have jointly implemented numerous projects in countries such as Senegal, Vietnam, and Rwanda. The projects also include causes such as sustainable finance capacity building and solar power implementation.
Insight on the New Agreement
The establishment of the new office brings multiple benefits. Among them is the opportunity for GGGI to take advantage of the sustainable finance environment of its new host country.
The new office will be established in Luxembourg city. It will center its work on green investments and European partnerships.
Furthermore, GGGI’s member countries are looking for innovative financial products. Luxembourg has expertise in innovative financial practices. Hence, having a stronger presence there is a strategic move for the organization.
The Ministry of Foreign and European Affairs of the Grand Duchy of Luxembourg shared the news on its official Twitter account.
Welcome in #Luxembourg! Today’s signature of an agreement between 🇱🇺 and the Global Green Growth Institute paves the way for the opening of an @gggi_hq office in 🇱🇺, which will allow the GGGI to fully benefit from the sustainable finance ecosystem in 🇱🇺 ⤵️https://t.co/Ir4teGTblr pic.twitter.com/h4lWYDg0sT
— MFA Luxembourg 🇱🇺 (@MFA_Lu) June 22, 2022
The agreement signed in Luxembourg benefits both parties. It strengthens the reputation of Luxembourg as a host to other potential international organizations.
On the other hand, GGGI will benefit from Grand Duchy’s environment, knowledge, and expertise in the financial sector.