South Korea Creates Funds to Reduce Poverty

from The Korea Times

WASHINGTON (Yonhap) _ South Korea established two trust funds worth $30 million through the World Bank to help countries combat poverty and develop information and communication technologies (ICT), the global lender said on Tuesday.

The sum will be divided into two $15 million funds, one of which is the Poverty Reduction and Socio-Economic Development Trust Fund for East Asia and Pacific countries. South Korea will provide the money for the first year with further resources available based on progress, the World Bank said in a press release.

The fund will co-finance the World Bank's operations on a grant basis, providing resources for technical assistance and training.

South Korea also established the ICT trust fund to provide $15 million over the next three years to projects worldwide, with the possibility of further contributions depending on progress. This fund is designed to support integration of ICT into the delivery of government services, and to help small- and medium-sized enterprises in developing nations.

"This is a generous and very welcome initiative that will help countries in our region as they strive to overcome poverty and deliver services more effectively for their people," said Jim Adams, vice president for the bank's East Asia and Pacific region.