South Korea

    South Korean will widen a loan scale for an economic development support of developing nations by 52 percent this year. The Ministry of Finance and Strategy has announced that it has conceived a business draft of expanding an execution scale of Economic Development Cooperation Fund (EDCF) to 470 billion won, up 51.6 percent from last year. Also, an EDCF approval scale which will be executed after three to four years was fixed at 1.25 trillion won. The government plans to expand aid to Africa and Central Asia, while it continues to focus on Asian nations as in the past, according to the ministry. As food shortage and climate change are the main issues that the government concentrates on, loans will be prioritized in the agricultural and green growth sector, the ministry said. The plan comes as South Korea was admitted in the Development Assistance Committee (DAC) of the OECD in November. (Maeil Business Newspaper, Xinhua)

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