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S. Korean government to earmark $2.3 billion for ODA projects next year

Collected: 2016.05.31

Distributed: 2016.06.01

Source: Go Direct

[Hwang Kyo-ahn]

The South Korean government plans to appropriate 2.7 trillion won ($2.3 billion) for 1,295 official development assistance (ODA) commitments next year, up 12 percent from this year. The government announced the plan on Monday at an international development cooperation committee meeting chaired by Prime Minister Hwang Kyo-ahn. The ODA commitment will be included in the budget bill for the 2017 fiscal year requiring approval by the National Assembly.

The government confirmed the 1,295 ODA projects after reviewing 1,386 project proposals submitted by 44 organizations in March. A total of 2.7 trillion won will be allocated to promote the selected projects, up 11.9 percent from this year’s 2.4 trillion won. Of the total budget amount, 2.26 trillion won will be spent on bilateral aid including 917.2 billion won worth of loans and 1.3 trillion won worth of grants. The remaining 472.9 billion won will be earmarked to promote multilateral aid.

The ODA projects will be mainly focused on development cooperation planning and those related to promoting Sustainable Development Goals (SDGs). A total of 327 projects will be promoted by 19 organizations, accounting for 28 percent of the overall ODA budget. Projects will be dedicated to spreading the Saemaeul Movement, improving education in Africa, boosting science technology innovation, and fighting poverty.

By Lee Seung-yoon

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