S. Korea contributes $80 mln to five int'l financial organizations in 2016

South Korea provided a combined $80 million to 13 trust funds created by five international financial organizations last year as part of its efforts to expand its presence on the world stage, the financial ministry here said Friday.

The organizations, including the World Bank, the Inter-America Development Bank (IDB) and the Asian Development Bank (ADB), carried out 108 projects worth $68.85 million based on South Korea's contributions, according to the Ministry of Strategy and Finance.

South Korea contributed $44.79 million to five trust funds run by the World Bank, while it participated in an ADB trust fund worth $14.5 million, focusing on knowledge sharing with Asian developing countries.

It also donated $8.15 million to four IDB-run funds to fight against poverty, with $4 million and $8 million to the European Bank for Reconstruction and Development (EBRD) and the African Development Bank (AfDB), respectively.

"The international contributions are aimed at encouraging developing countries to go through with development projects and helping our companies make inroads into overseas markets," said the ministry.

The country has gone from being a recipient to a donor of international aid, with its official development assistance (ODA) reaching $1.9 billion in 2014, the 16th largest amount among the Organization for Economic, Cooperation and Development (OECD) members.

Source: Yonhap

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