Jeolla, Chungcheong Canals to Be Built with Private Funds
President-elect Lee Myung-bak says proposed canals through the Jeolla and Chungcheong provinces will be built with private capital.
The incoming president made the remark during a visit Friday to the Democratic Party. As Democratic Party Floor Leader Choi In-ki proposed that construction begin as soon as possible, Lee said the canals through the central and southwestern regions would be the first to be built. He added they would be paid for by private capital, not state funds.
Lee's aide for policy planning noted in a statement that the president-elect had said during the campaign that canals would be built using state funds. But, he said, the transition team has decided to open the project to private investors, believing they would find the canals attractive.
The official added that further announcements would follow on details about how the project will be carried out.
During the election campaign, Lee pledged to inject two-and-a-half trillion won, or about two-point-six billion dollars, in state funds into the canal project.
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