KUALA LUMPUR: The UK government has allocated £913,500 (about RM4.85 million) through its Prosperity Fund for eight economic and sustainable growth projects in Malaysia for 2016-17.

The amount, which was secured through a competitive bidding process, is the largest ever allocated since the Prosperity Fund was started in 2011.

The UK government created the global funding programme to help promote economic and sustainable growth in emerging economies. It is now worth £1.3 billion for the five years from 2016 to 2020.

The UK government will fund technical assistance and expertise for eight projects in Malaysia designed to strengthen economic governance, internationalise Islamic finance, boost education partnership, enhance low carbon cities, low carbon energy, sustainable mobility.

The funding will also be used to develop Malaysia’s roadmap to emission intensity reduction in support of the country’s pledge made at the United Nations Framework Convention on Climate Change last year.

The funding for these identified projects in Malaysia is the result of successful bids by key UK implementers, namely Carbon Trust, Future Cities Catapult, TheCityUK among others.

To deliver on the projects, the British High Commission Kuala Lumpur will work with Malaysian stakeholders including Institute for Democracy and Economic Affairs; Kuala Lumpur City Hall; Ampang Jaya Municipal Council; Petaling Jaya City Council; Gas Malaysia; Iskandar Regional Development Authority; United Nations Development Programmes Malaysia; Natural Resources and Environment Ministry; Economic Planning Unit, Energy, Green Technology and Water Ministry; Bank Negara Malaysia, and other enforcement agencies and education delivery partners.

British High Commissioner to Malaysia Victoria Treadell said: “The UK government is committed to promoting global prosperity through sustainable growth. By supporting other countries to develop policies which drive sustainable and inclusive growth, we will in turn increase opportunities for international businesses, including UK companies.

“When it comes to Malaysia, our prosperity work here is a top priority, reflecting our longstanding relationship with Malaysia and our shared ambition to deepen and broaden it. This increased funding enables us to create new opportunities for cooperation as well as strengthen existing collaborations. This is an example of a global Britain in action in Malaysia.”

Britain is the only major country in the world which meets the United Nation’s target of spending 0.7% of its gross national income on development. The Prosperity Fund forms a strategic proportion of the UK’s commitment.

Source: The Sun Daily