Sat 11-02-2023 12:59 PM
SEOUL, 11th February, 2023 (WAM) – The Republic of Korea will increase its financial aid to developing countries by 21.3% this year, according to the Office for Government Policy Coordination. The budget for official development assistance (ODA) has been finalized at 4.77 trillion won (US$3.78 billion), an increase of 838 billion won from last year, Yonhap news agency reported.
Prime Minister Han Duck-soo stated that this represents the biggest annual increase in 10 years and demonstrates the government’s determination to become one of the top 10 ODA countries in the world. The majority of the budget, 39%, will be allocated to developing nations in Asia, with 20% going to African nations. The government also plans to expand its annual ODA budget for African nations to 1 trillion won by 2030.
Currently, Korea ranks 15th among the 29 member states of the Development Assistance Committee of the Organisation for Economic Cooperation and Development.
Muhammad Aamir / Ahlam Almazrooi