Russia Contributes $30Mln to UNDP Trust Fund, 1st Tranche for Virus-Hit Countries in Need

MOSCOW (Pakistan Point News / Sputnik - 21st May, 2020) Russian Foreign Minister Sergey Lavrov and United Nations Development Programme (UNDP) have signed a memorandum on the country's contribution of $30 million to the Russia-UNDP Trust Fund for Development.

The Russia-UNDP Trust Fund for Development was set up in 2015 as a financial mechanism for Russia's assistance to the Commonwealth of Independent States members and low income countries in other regions.

"Today we are signing a memorandum on another $30 million contribution to the fund's main budget. This is more than it had been originally laid down in the agreement to create the TFD [Trust Fund for Development]," Lavrov said at an online signing ceremony on Thursday.

The minister added that Russia would direct the first tranche from these resources to assist program countries in overcoming negative socio-economic consequences of the coronavirus pandemic.

According to Lavrov, the Russian government decided to continue the fund's work, seeing positive results of its activities.

The top Russian diplomat also announced that his ministry is considering expanding the fund's youth project and a new one for women to strengthen economic opportunities of women and girls.

He expressed hope that the new TFD projects would be comprehensive and focus on the most pressing socio-economic problems, reaching an even wider audience of those in need and building on the previous results.