S.Korea to Invest $1.63B to Develop Neighborhoods Near U.S. Bases

South Korea’s interior ministry plans to inject $1.63 billion (1.9 trillion won) this year to finance development projects in neighborhoods close to current and former U.S. military bases.

The ministry said it finalized the size of this year's fund that will be used in 115 projects in 13 cities and provinces to improve infrastructure where development has remained slow due to restrictions, Yonhap reported.

The government has injected over $11 billion since 2008 to help develop areas near U.S. military bases. This year's fund represents a 32.8% hike from that of 2021.

Projects include a medical cluster complex development plan in Paju, 30km north of Seoul, worth $185 million and a library construction project in the southeastern city of Daegu.