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Asean & Global Updates
POSTED | 10:24 AM | 09-01-2015

S.Korea’s development aid to rise 4.9 percent in 2015

South Korea’s official development assistance (ODA) to underdeveloped countries will increase nearly 5 percent this year from 2014, with more funding earmarked for Africa, the government said on Friday (9 Jan 2015).

Seoul’s ODA has been set at 2.38 trillion won (US$2.18 billion) for this year, up 4.9 percent from the previous year.

“The increase comes even under some fiscal difficulties, including more welfare spending, and the additional funds will be used to diversify (assistance) regions into the African and the Central and South American regions,” the government said.

Nearly 46 percent of the total will go to Asian countries, while 17 percent will be given to African nations in fields like transportation, education and public administration.

The government will map out the country’s second five-year ODA plan within this year and reduce the number of major recipient nations, which currently stands at 26, in order to raise efficiency, the office said.

The government also plans to join the International Aid Transparency Initiative, the international frame to boost ODA transparency, as part of efforts to raise efficiency in handing out ODA, according to Yonhap News Agency.

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