Ministry of Land, Infrastructure and Transport Selects Final 10 Teams for Urban Regeneration Resident Capacity Building Project Competition

[Asia Economy Reporter Yoo In-ho] The Ministry of Land, Infrastructure and Transport announced on the 2nd that it has selected a total of 10 teams through the public contest process for the 2020 Urban Regeneration Resident Capacity Building Project.

This contest project is designed for urban regeneration support centers in regions preparing for the Urban Regeneration New Deal project and local residents to form a team to plan regional revitalization projects. The government provides expert consulting and supports part of the operating and initial project costs to realize the projects.

The projects include community services such as elderly care, production and sales of local specialties, profit-generating businesses like guesthouse operations, and community development such as establishing social cooperatives.

A total of 79 teams applied during the 14-day contest period from April 22 to May 6, showing high competition. Considering the high competition rate for this project, the Ministry plans to select about 10 additional teams through a second contest. The second recruitment period for additional selection is from the 5th to the 19th of this month.

The 10 selected teams will receive expert consulting for three months starting from the 4th. They will also receive 5 million KRW to cover expenses related to project planning and other costs.

Teams selected as outstanding after three months will receive an initial project fund of 15 million KRW and can receive additional expert consulting for another three months.

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