SEJONG, Dec. 7 (Korea Bizwire) — The South Korean government plans to foster the creation of town management cooperatives to promote resident participation in the New Deal Project for Urban Regeneration.
The Ministry of Land, Infrastructure and Transport (MOLIT) announced on Thursday that it will sign an agreement with the Korea Social Enterprise Promotion Agency, Korea Foundation of Community Credit Cooperatives (KFCC), and National Credit Union Federation of Korea (NACUFOK) to cooperate in the establishment of town management cooperatives.
MOLIT will provide assistance in the establishment of town management cooperatives, which will carry out various responsibilities including managing rental homes and social overhead capital (SOC) allocated for areas designated by the New Deal project.
The Korea Social Enterprise Promotion Agency will provide various courses on SOC management and capacity-building for residents. It will also help build networks with social economic entities.
The KFCC and NACUFOK will provide assistance with transparent management, planning and promotion. They will also carry out local projects in conjunction with the New Deal project.
Lina Jang (email@example.com)