Gyeongnam Province Allocated for Urban Regeneration New Deal Project ... Secures 40 Billion Won in National Funding

Ministry of Land, Infrastructure and Transport Provides Budget Incentives for Urban Regeneration Projects Based on Excellent Performance and Achievements

Gyeongsangnam-do Provincial Government Building Exterior View

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Choi Hyun-joo] Gyeongsang Province announced on the 11th that it plans to promote the metropolitan public contest project, which is autonomously selected by cities and provinces among the Ministry of Land, Infrastructure and Transport's Urban Regeneration New Deal projects, targeting 18 cities and counties in Gyeongnam Province from July to October this year.

The metropolitan public contest for the Urban Regeneration New Deal project is a project in which the Ministry of Land, Infrastructure and Transport allocates national funds by metropolitan cities and provinces, and the respective cities and provinces autonomously select urban regeneration projects, after which the Ministry evaluates their eligibility and feasibility to decide whether to proceed.

This year, the total national budget allocated by the Ministry of Land, Infrastructure and Transport for the metropolitan public contest is 400 billion KRW, which is 150 billion KRW less than last year. However, Gyeongnam Province received the same allocation of 40 billion KRW as last year, reflecting its top-tier performance and achievements in the progress and evaluation of existing projects.

Gyeongnam Province plans to select projects in three types of business fields, including approximately five projects in total: ▲General Neighborhood Type ▲Residential Support Type ▲Our Neighborhood Revitalization.

The metropolitan selection for this Urban Regeneration New Deal project will accept 'Activation Plans (draft)' for three days from July 1 to 3. From July 6 to August 14, an evaluation committee composed of urban regeneration experts from various fields will conduct assessments including document review, on-site inspection, and presentations. Subsequently, in September, the Ministry of Land, Infrastructure and Transport will evaluate feasibility and validity and verify eligibility, followed by final selection through the Urban Regeneration Working Committee and the Urban Regeneration Special Committee chaired by the Prime Minister at the end of October.

Yoon In-guk, Director of the Urban Transportation Bureau of Gyeongnam Province, stated, “We plan to promote the contest with an emphasis on the effectiveness of projects in response to social changes such as the digital new deal, social new deal, and green new deal in preparation for the post-COVID-19 era.” He added, “We will proceed without any setbacks to revitalize the frozen local economy and ensure that the projects are felt by the residents.”

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