The central and local governments next year will provide a combined KRW 3.29 trillion in funding for startups. Shown is a scene on Dec. 12 from the global startup festival Come Up at COEX Mall in Seoul's Gangnam-gu District. (Korea Startup Forum)

By Kim Seon Ah

The central and local governments have pledged a combined KRW 3.29 trillion next year to support startups.

The Ministry of SMEs and Startups on Dec. 30 said this in a joint announcement.

The amount will go to 429 startup support projects including 101 institutions.

Thirteen ministries will provide KRW 3.11 trillion for 87 projects and 88 local governments KRW 175 billion for 342.

By type of project, loans comprise the largest portion with KRW 1.55 trillion (47.1%), followed by commercial application with KRW 766.6 billion (23.3%) and technological development KRW 629.2 billion (19.1%).

Among ministries, the Ministry of SMEs and Startups pledged the most funds with KRW 2.94 trillion, followed by the Ministry of Culture, Sports and Tourism with KRW 53 billion, Ministry of Science and ICT KRW 45.4 billion, and Ministry of Environment KRW 23.7 billion.

By local government, Seoul will foot the most support with KRW 38.2 billion, followed by Gyeonggi-do Province with KRW 20 billion and Gyeongsangnam-do Province KRW 18.5 billion.

sofiakim218@korea.kr