World Bank welcomes Hyundai Steel as new partner of 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.

The World Bank Group (WBG) welcomed Hyundai Steel Co., Ltd 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 Company is the first private sector entity to partner with the SDG Fund, joining the governments of Sweden and the Republic of Korea. Hyundai Steel Company's contribution exemplifies the Fund's commitment and vision for public-private partnerships in implementing the 2030 Agenda.

"We are delighted to welcome Hyundai Steel as the first private sector partner of the SDG Fund," said Mahmoud Mohieldin, WBG Senior Vice President for the 2030 Agenda, United Nations Relations and Partnerships. "There is a clear need to catalyze 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."

"To date, Hyundai Steel's global social contribution model has largely been around the staff's voluntary service," said Ko Sun Jung, Corporate Social Responsibility Team, Team Manager, Hyundai Steel. "But by aligning the model with global standards, Hyundai Steel seeks to play a leading role as a global steel company."

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. 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.