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S. Korea to extend US$500 mln in ODA by 2020

All News 12:00 February 29, 2016

SEOUL, Feb. 29 (Yonhap) -- South Korea plans to extend a total of US$500 million won in financial assistance to developing countries by 2020 to meet its obligations to the international community, the government said Monday.

The Prime Minister's Office said it finalized the size of Seoul's official development assistance (ODA) program for the next five years.

The amount earmarked for this year is $80 million, officials said, adding that the budget will be spent on major projects.

Of the budget, $200 million will be allocated by 2020 to the "Better Life for Girls" initiative unveiled by President Park Geun-hye during her meeting at the U.N. summit for sustainable development in September 2015.

The project aims to tackle gender inequality in education and help girls in 15 developing countries unlock their full potential.

The countries are Nepal, Laos, Bangladesh, Sri Lanka, Cambodia, the Philippines, Ethiopia, Uganda, Ivory Coast, Senegal, Tanzania, Jordan, Morocco, Bolivia and Ecuador.

Another $200 million will be spent on six countries -- Uzbekistan, Vietnam, Nepal, Ethiopia, Columbia, and Peru -- to assist in developing their scientific skills.

The government said it also plans to provide $10 million to six African countries over the next five years for vocational training in line with the "Better Education for Africa's Rise" initiative.

khj@yna.co.kr
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