Korea discloses its ODA information to international aid transparency body

South Korea has disclosed information on hundreds of its official development assistance projects to an international aid transparency agency, the Seoul government said Wednesday.

The disclosure to the International Aid Transparency Initiative was part of Seoul's efforts to enhance transparency in the implementation of its overseas aid programs, officials at the Office for Government Policy Coordination under the Prime Minister's Office said. 

It marked the first time for an Asian IATI member to reveal to the agency the details of its ODA programs, the officials said.

Information on some 740 projects has been disclosed to the IATI. The projects have been carried out by the Korea International Cooperation Agency in charge of grant projects and the Export-Import Bank of Korea which handles credit assistance.

"We anticipate that the disclosure of ODA information would help improve transparency and effectiveness of development projects, and satisfy citizens' right to know," the policy coordination office said in a statement.

Late last year, the IATI finalized its decision to accept South Korea as its 14th member state. The decision took effect in January.

Seoul plans to spend around 2.73 trillion won ($2.29 billion) on ODA projects next year, which aim to help less developed countries in Asia, Africa and Latin America build needed infrastructure. (Yonhap)