S. Korea to increase aid to developing countries by 40% in 2024

South Korea will increase its official development assistance to other countries by 40% in 2024, the country’s President Yoon Suk Yeol said, speaking from the rostrum of the 78th session of the UN General Assembly, Report informs.

South Korea intends to increase its official development assistance. Despite financial austerity measures this year, the government has increased the budget for official development assistance for the coming year by 40%, the South Korean leader said.

He noted that Seoul intends to take into account the characteristics and needs of recipient countries, and emphasized the importance of education in ensuring progress in the social and economic spheres.

They say that one year of education can lead to a 10% increase in income, especially among low-income groups, he explained.

Yoon Suk Yeol also addressed the issue of climate change. He noted that in addition to the use of renewable energy sources, the Republic of Korea will increase its potential in nuclear and hydrogen energy. He announced plans to introduce a new initiative - an international ‘carbon-free alliance.’

Everyone will be able to join this platform and contribute to achieving carbon-free energy, the South Korean leader said.

He also promised to assist developing countries in this area and increase green official development assistance. He reminded about his pledge to allocate $300 million to the Green Climate Fund and expressed hope for the participation of other countries.