The National Development Company on Wednesday signed a memorandum of understanding with Global Green Growth Institute, a treaty-based international, inter-governmental organization dedicated to supporting and promoting strong, inclusive, and sustainable economic growth in developing countries and emerging economies.

According to the GGGI, it entered an MoU with the NDC, one of the investment promotion agencies of the Department of Trade and Industry, as it hopes to establish the Green Growth Cooperation which entails GGGI providing technical vocational education training, technical assistance, and expert advice to companies that are engaged in the waste management, sustainable forestry, and green circular economy.

"As soon as the startup companies in these spaces mature to commercial viability, the same shall be endorsed to the NDC for possible equity investment. The NDC can look at traditional equity funding, debt financing, the startup venture fund, or combinations thereof to improve the financial viability and de-risking the industry to encourage private investment to come in," the MoU read, signed between Undersecretary Antonilo Mauricio, general manager of NDC, and GGGI country representative Marcel Silvius.

GGGI was established in 2012 as an international organization and, since then, its membership has grown from 18 founding signatories to the Agreement on the Establishment of GGGI.

GGGI works with developing country partner governments to achieve their Nationally Determined Contributions, which include governments, civil society, and the private sector to develop innovative green growth development solutions, project financing and investment, and sharing of knowledge and country lessons.