Seoul to expand aid to developing nations 16 percent this year

SEOUL, May 1 (Yonhap) -- The South Korean government said Friday it has finalized
a plan to increase its assistance to developing countries worldwide by 16.4
percent to 1.09 trillion won (US$842 million) this year.

The amount going towards the foreign aid fund, formally called official
development assistance (ODA), represents 0.102 percent of South Korea's gross
national income, government officials said.
According to the ODA plan, approved during a policy meeting presided over by
Prime Minister Han Seung-soo, the nation is to spend 794.5 billion won on
bilateral ODA projects, including 444.5 billion won in grants, and an additional
291.5 billion won on multilateral ODA projects, said the officials.
As a member of the 30-nation Organization for Economic Cooperation and
Development, Seoul is committed to spending part of its gross national income on
ODAs, which are aimed at promoting growth in developing economies.
During the meeting, Han underscored the need for South Korea to establish a
systematic assistance program based on the country's expertise and "unique
development experience."
South Korea received a total of $12.7 billion from other nations in ODAs until
1999, struggling in the early years to rise from the aftermath of the 1950-53
Korean War. Seoul transformed itself into a benefactor in 2000.
odissy@yna.co.kr
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