South Korea Boosts Development Aid to $2.63 Billion for 2024

SEOUL — The South Korean government has announced plans to allocate approximately 3.5 trillion won ($2.63 billion) in aid projects for the upcoming year, aiming to support the development and welfare of various developing nations.

According to Yonhap News Agency, this Official Development Assistance (ODA) initiative for 2024 signifies a substantial 38.9 percent increase from the previous year's allocation, targeting a broad range of sectors including humanitarian aid, education, agriculture, and health. The enhancement is designed to assist recipient countries in addressing challenges related to conflict and climate change.

The decision to finalize the ODA plan came during an interagency meeting led by Second Vice Foreign Minister Kang In-sun, involving collaboration among 46 government agencies to execute 1,699 bilateral and multilateral ODA projects. The ministry further elaborated that the ODA encompasses both direct support—such as grants, loans, and technical assistance to developing nations—and indirect contributions through international organizations. South Korea's assistance model includes the provision of grants, which do not require repayment, and concessional loans, offering favorable terms to aid in the recipient countries' development efforts.

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