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UK allocates RM4.85 million Prosperity Fund for projects in Malaysia

The UK allocates RM4.85 million Prosperity Fund for projects in Malaysia in support of cross-sector development to boost bilateral cooperation.

The UK Government has allocated Prosperity Funds worth £913,500 (approx RM4.85 million) for projects in Malaysia in 2016/17. The amount, which was secured through a competitive bidding process, is the largest amount ever allocated since the Prosperity Fund programme started in 2011.

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 in support of Malaysia’s pledge made at the United Nations Framework Convention on Climate Change (UNFCCC) last year.

The funding for these identified projects in Malaysia was 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 (IDEAS), Dewan Bandaraya Kuala Lumpur (DBKL), Majlis Perbandaran Ampang Jaya (MPAJ), Majlis Bandaraya Petaling Jaya (MBPJ), Gas Malaysia, Iskandar Regional Development Authority (IRDA), United Nations Development Programmes (UNDP) Malaysia, Ministry of Natural Resources and Environment, Economic Planning Unit (EPU), Ministry of Energy, Green Technology and Water, Bank Negara, other enforcement agencies and education delivery partners.

H.E. Vicki Treadell CMG MVO, British High Commissioner to Malaysia, was pleased to see that Malaysia stands to benefit from an increased allocation. She 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 long standing relationship with Malaysia and our shared ambition to deepen and broaden it. This increased funding enable 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.”

The Prosperity Fund is a global funding programme created by the UK government in 2011 to help promote economic and sustainable growth inemerging economies. It is now worth £1.3 billion (approx RM6.8 billion) globally for a period of five years from 2016 to 2020.

Britain is the only major country in the world which meets the United Nation’s target of spending 0.7% of our Gross National Income (GNI) on development. The Prosperity Fund forms a strategic proportion of the UK’s commitment. The Fund will provide expertise and technical assistance in areas of UK strength to promote economic reforms and remove barriers to trade; strengthen policy capacity and build strong institutions; develop sectors which support growth such as infrastructure, energy, finance, education and healthcare.

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