JP Morgan to launch one bln-USD "green growth" fund in S. Korea
- Source: Xinhua
- [18:21 June 17 2009]
- Comments
JP Morgan, a world-leading company in asset management, agreed to invest in green and eco-friendly industries in South Korea, forming a 1 billion-US dollar fund, economy ministry said Wednesday.
According to the Ministry of Knowledge and Economy, the agreement between the South Korean government and JP Morgan was reached on the sidelines of summit talks between President Lee Myung-bak and US President Barack Obama in Washington.
"JP Morgan delivered its intention to form the green fund to us in March as it viewed South Korea's eco-friendly industries as being highly promising," a ministry official was quoted as saying.
JP Morgan, on its letter of intent, said it plans to form the so-called "green fund" with which it will invest in South Korea's industries such as light-emitting diodes, solar power, wind power and other bio energy sources, the ministry said.
According to the ministry, 30 to 40 percent of the fund will be financed by foreign investors and the rest of the money will come from domestic investors.
The launch of the fund is scheduled during the second half of 2009, the ministry added.