Samsung creates W10b charity fund

[THE INVESTOR] Samsung Group on Aug. 10 announced it has created a 10 billion won (US$9.10 million) fund together with the Community Chest of Korea, the nation’s largest charity institution, to support social contribution activities of small, nonprofit organizations.

Along with traditional welfare activities such as those helping marginalized senior citizens and young students, key focus areas were also announced. They include improving residential areas and offering cultural opportunities for underprivileged people. Global charity projects in underdeveloped countries will also be supported.

The group said it will receive applications to designate some 50 organizations for the new funding plan. Each project will be offered up to 500 million won for three years.

By Lee Ji-yoon (jylee@heraldcorp.com)