UNDP welcomes South Korea’s 70% increase in contribution to agency’s core resources

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New Delhi: The UNDP welcomed Tuesday South Korea’s USD 18 million contribution to the UN agency’s core resources for 2024. Calling it a “significant increase” in funding, representing a 70% jump from the 2023 core contribution, UNDP said in a press release that the funding came when the demand for development assistance greatly surpassed available resources. 

The Republic of Korea’s contribution demonstrates its commitment to supporting the global community’s development efforts by significantly expanding its Overseas Development Assistance, the release added.

 

UNDP Administrator Achim Steiner expressed gratitude for the Republic of Korea’s continued commitment to global development efforts.

“At a time when many countries are turning inward and reducing funding to international development, the Republic of Korea is signaling that the world needs more investment, not less, in sustainable development,” Steiner said. “I extend my deepest gratitude to the Republic of Korea for its unwavering partnership and continued trust in UNDP to advance the Sustainable Development Goals and our collaborative efforts in crisis response, digital transformation, and the essential green energy transition.”

This increased funding will enable the agency to continue supporting governments and communities in reducing poverty and accelerating efforts towards inclusive, green, and digital transitions, the release said.