S. Korean govt’s overseas aid to surpass $2.8 bn for the first time in 2018

2017.12.29 14:19:53 | 2017.12.29 14:26:30

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The South Korean government has pledged 3.05 trillion won ($2.8 billion) in official development assistance (ODA) for 2018, surpassing 3 trillion won for the first time since joining the Development Assistance Committee in 2010.

Seoul’s commitment to ODA, government aid for economic and welfare development of developing economies, next year would add 412.3 billion won from this year’s budget.

The government said on Friday next year’s increase owes largely to the inclusion of a 150 billion won project with the Asian Infrastructure Investment Bank (AIIB). About 74.6 percent or 2.2 trillion won of Korea’s ODA will go to bilateral projects to aid sustainable development goals (SDGs) of developing countries.

There are 17 global SDGs proposed by the United Nations as part of the 2030 agenda, which includes ending poverty and hunger and promoting sustainable agriculture and quality education.

The Korean government will launch 417 new infrastructure and humanitarian assistance projects in areas such as transportation, hygiene, public administration, and education. By region, 37 percent of the projects will be promoted in Asia, 7.3 percent in Central and South America, and 11.9 percent in the Middle East and Commonwealth of Independent States.

By Cho Si-young and Lee Eun-joo

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