OSLO - A new UN fund meant to manage billions of dollars to help developing nations combat climate change will be based in South Korea, leaders of the fund agreed on Saturday.

The Green Climate Fund is to be sited in Songdo, Incheon City, South Korea, the board of the fund said. Germany, Mexico, Namibia, Poland and Switzerland had also sought to be the headquarters.

Developed nations agreed in 2009 to raise climate aid, now about $10 billion a year, to an annual $100 billion from 2020 to help developing countries curb greenhouse gas emissions and cope with floods, droughts, heatwaves and rising sea levels.

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