ODA Budget
The South Korean government decided to invest 2.7286 trillion won (US$237.26 billion) in official development assistance (ODA) in 2017. The amount is 289.2 billion won (US$237.26 million) more than this year’s amount.
The ODA budget for next year is divided into 2.2557 trillion won (US$1.96 billion) for bilateral cooperation and 472.9 billion won (US$411.2 million) for multilateral cooperation. The former is divided into a grant aid of 1.3385 trillion won (US$1.16 billion) and a loan of 917.2 billion won (US$797.56 million).
The South Korean government’s ODA projects for 2017 are to revolve around its development cooperation scheme and sustainable development goals announced last year. 28% of the ODA budget has been allocated for the 327 development cooperation scheme-related projects to be led by 19 organizations.
In addition, the government is planning to focus on those fields of ODA covering industrialization, poverty eradication, education, water management, hygiene control and healthcare, where South Korea has comparative advantages. Furthermore, it is going to launch new ODA projects with regard to tourism, design, sports and broadcasting so that its assistance for less-developed countries can be diversified. ODA projects they are highly satisfied with, such as those regarding customs administration and e-governant, are to be expanded and spread to a larger number of countries as brands.