The scale of the nation's official development assistance (ODA) last year jumped 11.4% from 2022 to a tentative figure of USD 3.13 billion (4.4 trillion won). Seen is an inspection of rice seeds produced in Gambia under the K-Rice Belt project, part of ODA from the Korean government. (Ministry of Agriculture, Food and Rural Affairs)

By Park Hye Ri

The nation's official development assistance (ODA) last year reached a tentative figure of USD 3.13 billion (KRW 4.4 trillion), up 11.4% or USD 320 million (KRW 440 billion) from 2022.

The Ministry of Foreign Affairs on April 14 announced this based on preliminary data from the Organisation for Economic Co-operation and Development's Development Assistance Committee (DAC).

Amid slower fluctuations in the KRW-USD exchange rate last year, such aid last year showed even increases in direct bilateral (USD 2.3 billion) and multilateral aid (USD 830 million), with the latter figure referring to funds indirectly sent to countries through international organizations.

Bilateral aid increased 3.4% year on year as both grants (USD 1.57 billion) and loans (USD 730 million) saw growth. Grants rose 2.6% due to higher support for social sectors such as education, health and public administration, as well as humanitarian assistance for overseas emergency relief and support for the socially disadvantaged.

Loan aid rose 5.1% year on year due to more borrowing support for programs amid growing financial need in recipient countries like for response to climate change and industrial development.

Multilateral aid surged 41.9% thanks to higher investments and contributions to major international financial organizations to help low-income and financially vulnerable countries respond to the COVID-19 pandemic and support business recovery in developing economies.

Overall ODA support from all 31 DAC member states reached USD 223.7 billion, up 6.2% from 2022. Korea ranked 14th in assistance as it increased humanitarian aid to Ukraine and its investments and contributions to global organizations.

"Like humanitarian aid for conflict and disaster areas and response to climate change, the government will continue expanding its ODA scale to actively respond to demand for international development," the ministry said. "We plan to achieve the national objective of co-prosperity through strategic ODA aligned with foreign policy."

hrhr@korea.kr