Hyundai Steel will become the first private company in the world to participate in the Sustainable Development Goals (SDG) fund.
Hyundai Steel said it recently signed an SDG fund partnership to create synergy through cooperation with the World Bank, moving away from the CSR (corporate social responsibility) activities that had been centered on existing services.
SDG Fund was launched in October last year to implement the U.N.'s "target for sustainable development." The fund-raising will be created through joint contributions by the World Bank and private companies.
The SDG Fund, which is in the form of a trust fund, will be operated with the aim of achieving 17 sustainable development goals by 2030 at the United Nations, including poverty eradication, ending hunger, promoting health and human rights. There are 23 countries on four continents that benefit from the fund -- Bangladesh, Brazil, Mexico, Sri Lanka and Vietnam.
The World Bank, which manages the SDG Fund, is an international financial institution under the United Nations established in 1944 to recover from war damage after World War II. It is based in Washington, D.C. and is considered one of the top three international economic organizations along with the International Monetary Fund (IMF) and the World Trade Organization. (WTO)
Currently, Swedish and South Korean governments are joining the SDG fund. Hyundai Steel, as the first private company in the world, plans to boost its corporate status while also fulfilling its social responsibilities.
"We are very happy that Hyundai Steel will join the SDG fund," said Mahmoud Mohieldin, senior vice president of the World Bank. "Hyundai Steel will take a step forward in solving universal social problems of mankind and increase its corporate awareness in untapped markets."
The project to be invested by the matching fund of the World Bank and Hyundai Steel will be decided through future screening by the Partnership Council.
"Until now, we have been carrying out global social contribution activities focusing on the service of our executives and employees," a Hyundai Steel official said. "We will play a leading role as a global steel company through this partnership."