Seoul's Finance Ministry says the South Korea-based Green Climate Fund has approved 16 projects worth some one billion dollars that will take place around the world.

The decision was reached during the GCF's virtual board meeting held this week. 

The projects include seeking energy efficiency in Bangladesh, boosting agricultural productivity in Brazil and providing financial assistance to improve energy accessibility in nine African nations.

Another project involves strengthening weather observation, monitoring and forecast capabilities in five Pacific island nations.

The Green Climate Fund based in Songdo, Incheon is a global fund to assist developing countries adapt to climate change and reduce greenhouse gas emissions.

It has so far approved around 160 projects worth over seven billion dollars.