Korea Joins OECD Donors Club

      November 26, 2009 08:56

      Korea has become a full member of the OECD's Development Assistance Committee (DAC), a club of developed donor nations, being approved in a special session at OECD headquarters in Paris on Wednesday.

      The DAC is a forum for 23 members of the OECD and includes members, such as the U.S., Japan and EU that have made large donations to developing nations. Korea's entry means that it has won recognition in the international community as a substantial donor nation.

      DAC chair Eckhard Deutscher congratulated Korea, calling it an exemplary success story in creating an economic miracle based on international aid.

      Korea became itself a recipient of aid after liberation from Japanese colonial rule in 1945 but was struck off the World Bank's list of aid recipients in 1995. Now, 14 years later, it joined the club of donor nations.

      The country provided overseas assistance worth US$800 million or 0.09 percent of gross national income last year, an amount still fell far short of the DAC average of 0.3 percent of GNI. DAC membership does not necessarily mean that it must immediately increase the amount of overseas assistance, but it will report to the DAC every year and make efforts to reach the international target of 0.7 percent of GNI.

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