South Korea plans to set aside 13-point-eight trillion won or around 10-point-3 billion dollars for loans to developing countries to fund various projects over the next three years. 

The government announced the plan on Wednesday in a meeting to discuss ways to operate the Economic Development Cooperation Fund(EDCF) from 2024 to 2026. 

Under the EDCF, the government plans to approve four-point-five trillion won worth of new projects this year, four-point-six trillion won and four-point-seven trillion won in 2025 and 2026, respectively, making a total of 13-point-eight trillion won. 

Of these approved funds the government expects to spend six-point-five trillion won on the execution of these projects over the three years, aiming to emerge as the world’s tenth largest contributor in global development aid by 2026. 

Last year, South Korea approved a record three-point-seven trillion won for 22 projects in 14 nations. 

Finance minister Choi Sang-mok said that the government will use the increased funds to contribute to realizing global values as well as enhance national interests by promoting economic cooperation with developing countries and stabilizing supply chains.

South Korea launched the EDCF program in 1987 to help developing countries with their basic infrastructure.