03:16 GMT19 April 2021
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    The United Kingdom has allocated about 4.85 million Malaysian ringgit for cross-sector development projects in Malaysia to be carried out in 2016-2017.

    MOSCOW (Sputnik) – The United Kingdom has allocated about 4.85 million Malaysian ringgit (approximately $ 1.2 million), through its Prosperity Fund, for cross-sector development projects in Malaysia to be carried out in 2016-2017, the UK Foreign and Commonwealth Office said Wednesday.

    "The programme will see the UK government funding technical assistance and expertise for eight projects in Malaysia. The projects are designed to strengthen economic governance, internationalising of Islamic finance, boosting education partnership, enhancing low carbon cities, low carbon energy, sustainable mobility as well as developing Malaysia’s roadmap to emission intensity reduction," the British Foreign Office specified in a statement.

    This contribution is the largest in the history of the Prosperity Fund Program established in 2011 and its successor the Cross-Government Prosperity Fund. The fund is designed to promote the economic reforms, development and sustainable growth in the kingdom’s partner countries.

    The United Kingdom is the first county in the world that met the UN standard of development spending of at least 0.7 percent of its Gross National Income (GNI) on overseas aid.

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    funding, fund, Malaysia, United Kingdom
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