Simplified Review Process... Joint Investment Review Committee Operated by Ministry of Education and Ministry of the Interior and Safety
[Asia Economy Reporter Hyunju Lee] On the 27th, it was announced that a Joint Investment Review Committee will be formed and operated to simplify the joint investment project procedures between metropolitan and provincial offices of education and general local governments nationwide.
Previously, when metropolitan and provincial offices of education and local governments wanted to jointly invest in projects, they had to undergo separate central investment reviews by the Ministry of Education and the Ministry of the Interior and Safety, but this aims to simplify those review procedures.
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The target projects are those with a total project cost of 30 billion KRW or more for metropolitan and provincial offices of education and metropolitan local governments, and 20 billion KRW or more for basic local governments. For projects with a total cost of 50 billion KRW or more, feasibility studies conducted separately will also be jointly performed, shortening the usual review period of six months. A representative joint investment project is the installation of school complex facilities.
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