Office for Government Policy Coordination Launches 'Living SOC Public Trust' Product

Released by 3 Local Governments: Eunpyeong-gu Seoul, Changwon-si Gyeongnam, and Suncheon-si Jeonnam

[Asia Economy Reporter Kwangho Lee] A 'public trust product' that utilizes residents' voluntary donations as operating funds for local living SOC is being launched.

On the 24th, the Office for Government Policy Coordination announced on the 23rd that public trust products will be launched in three local governments: Eunpyeong-gu, Seoul (KB Eunpyeong愛 Living SOC Public Trust), Changwon-si, Gyeongnam (KB Changwon愛 Living SOC Public Trust), and Suncheon-si, Jeonnam (KB Suncheon愛 Living SOC Public Trust).

The Office for Government Policy Coordination collaborated with KB Kookmin Bank to design the product and complete the Ministry of Justice approval process to support sustainable living SOC operations in financially challenged local governments by utilizing the donation system.

This product is available not only to residents of the three pilot local governments but also to all individuals, corporations, and organizations nationwide who wish to donate. The trustee, KB Kookmin Bank, pools and manages the donations from product subscribers (trustors) as a fund, and the principal and operating income are disbursed as operating expenses for living SOC facilities selected through the review of the Public Trust Operation Committee established within the local government.

Subscribers (donors) receive tax benefits during year-end tax settlements, and the Ministry of Justice transparently manages and supervises the entire operation process according to the Public Trust Act.

Lee Jang-ho, Deputy Director of the Living SOC Promotion Team, said, "To improve quality of life through the use of living SOC, sustainable operation must be supported along with facility expansion," adding, "We hope this product launch will greatly help in spreading a culture of donation and securing operating funds for local governments' living SOC."

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