S.Korea Allocates over W1 Trillion for Inter-Korean Cooperation Next Year

South Korea has earmarked over W1 trillion for the Inter-Korean Cooperation Fund next year, an increase of 9 percent on-year (US$1=W1,188).

The Unification Ministry here said on Thursday that out of the W1.21 trillion budget, some W489 billion will be used for infrastructure projects, such as reconnecting railways and roads severed during the 1950-53 Korean war, W128 billion for forestry cooperation projects and W26 billion for the peaceful use of the demilitarized zone that separates the two Koreas.

The ministry said the increase reflects the Moon Jae-in administration's determination to improve inter-Korean relations. It added that the budget will be held in reserve and will not be spent unless a project is actually implemented.