New York/Seoul — The United Nations Development Programme (UNDP) welcomes the announcement that the Republic of Korea has increased its core funding to the agency at a time when development needs far exceed available financing.

The Republic of Korea has announced its planned contribution of US$18 million to UNDP’s regular “core” resources for 2024, marking an approximately 70 percent increase from 2023. This significant increase in support also reflects an overall commitment by the Republic of Korea to expanding its Overseas Development Assistance contributions to the international community.

UNDP’s Administrator expressed his gratitude to the Republic of Korea for its commitment to advancing global development. This support, he said, enables UNDP to continue supporting governments and communities to reduce poverty and accelerate efforts towards inclusive, green, and digital transitions.

“At a time when many countries are turning inward and reducing funding to international development, the Republic of Korea is signaling that the world needs more, not less investment in sustainable development,” said Achim Steiner, UNDP Administrator. “I extend my deepest gratitude to the Republic of Korea for its unwavering partnership and continued trust in UNDP to advance the Sustainable Development Goals and our collaborative efforts in crisis response, digital transformation, and the essential green energy transition.”

The Republic of Korea has actively supported UNDP’s initiatives to integrate humanitarian, development, and peace initiatives (the HDP nexus) in various fragile contexts, including in Ukraine and Myanmar. The Republic of Korea also supports UNDP’s flagship Human Development Report, promotes development effectiveness and consistently provides thematic funding.  

On the sidelines of the UN General Assembly last Friday Mr. Steiner met with H.E. Mr. Cho Tae-yul, Republic of Korea Minister for Foreign Affairs where they discussed the ongoing partnership and new ways of advancing cooperation between UNDP and the Republic of Korea including in digitalization and AI, democratic governance and supporting countries in crisis settings.

In October, Mr. Steiner will visit Seoul where he will meet with Republic of Korea officials, and attend the Seoul Debates 2024, organized jointly by the UNDP Seoul Policy Centre and the Ministry of Foreign Affairs.

To learn more about UNDP’s core resources: https://www.undp.org/publications/core-resources.