Ministry of Land, Infrastructure and Transport Selects 75 Sites for Small-Scale Regeneration Projects in 2020

[Asia Economy Reporter Yoo In-ho] Small-scale regeneration projects such as the alleyway maintenance project on Songjeong 10-gil in Seongdong, Seoul, and the creation of the entrance road outside the East Gate of Seongju-eupseong in Seongju-gun, Gyeongbuk, will be promoted in 75 locations nationwide.

The Ministry of Land, Infrastructure and Transport announced on the 21st that it has selected 75 project sites through this year's small-scale regeneration project competition process and will provide national funding (up to 200 million KRW per site).

The small-scale regeneration project is a program where residents discover unit projects (around 3 to 4 projects) that can be completed within 1 to 2 years, and when local governments apply, the Ministry of Land, Infrastructure and Transport evaluates and reviews them to provide national funding.

This selection went through a three-stage evaluation process by a panel of urban regeneration experts from among a total of 138 basic local governments that applied for the project.

The selected projects will revise and supplement their project plans based on issues pointed out during the evaluation process and are scheduled to begin full-scale project implementation starting in June. They will receive a total of 10 billion KRW in national funding (an average of 130 million KRW per project site).

The Ministry explained that these projects are meaningful in that residents and local governments cooperate to directly discover and promote small-scale projects within the region, thereby accumulating experience and building capacity to smoothly carry out New Deal projects in the future.

In fact, among the total of 145 sites selected from 2018 to 2019, 32 sites have led to selection as urban regeneration New Deal project sites, producing tangible results.

This year’s selection also focused on reflecting diverse regional characteristics and whether the projects have the potential and connectivity to develop into New Deal projects.

Additionally, to prepare systematically for New Deal projects, the Ministry plans to review institutional development directions, such as strengthening the linkage between small-scale regeneration projects and New Deal selection so that small-scale regeneration projects can establish themselves as preliminary projects for New Deal initiatives.

This content was produced with the assistance of AI translation services.