ODA Assistance
Korea ranked 16th out of the 27 member countries of the Development Assistance Committee (DAC) of the OECD on the list of official development aid (ODA) providers.
The Ministry of Strategy and Finance announced on April 6 that Korea provided US$1.597 billion for ODA purposes in 2012. The U.S., Great Britain, and Germany spent US$30.687 billion, US$13.892 billion, and US$12.939 billion each to take the top three positions in the same year. Korea followed Spain (US$2.037 billion) and was followed by Finland (US$1.32 billion) and Austria (US$1.16 billion).
In the meantime, Korea recorded the highest annual ODA increase, 18 percent, between 2008 and 2012. The member countries’ average was 0.8 percent during the same period.
“Korea, unlike many others, has increased the size of its ODA gradually since the global financial crisis in 2008,” the ministry explained, adding, “We will step up the amount in an efficient way down the road while allowing for economic and financial conditions.”