Mayor Park Hyung-jun's Key Pledge 'Urban Loop' Budget of 500 Million Won Approved

[Asia Economy Yeongnam Reporting Headquarters, Reporter Ju Cheol-in] The budget related to 'Urban Loop,' a flagship pledge of Busan Mayor Park Hyung-jun and fully cut in the first supplementary budget review this year, was approved at 500 million KRW by the Budget and Accounts Special Committee of the Busan City Council.

On the 10th, the Budget and Accounts Special Committee of the Busan City Council announced that it passed a revised consent proposal including the allocation of 500 million KRW for the "Pre-feasibility study service fee for introducing urban-type ultra-high-speed transportation infrastructure" as a result of the coefficient adjustment of Busan City's second supplementary budget plan.

Earlier, the relevant standing committee, the Maritime Transportation Committee, modified the budget proposal submitted by the city from 1 billion KRW to half, 500 million KRW, and forwarded it to the Budget and Accounts Special Committee. During the review process of the special committee, opinions were sharply divided between maintaining and cutting the budget due to concerns about timeliness and safety.

Urban Loop is called an ultra-high-speed innovative urban transportation means that applies hyperloop technology, which uses supersonic vacuum to travel between cities and countries, adapted to urban mobility conditions.

The city had also allocated 1 billion KRW for this budget in the first supplementary budget, but it was cut in half to 500 million KRW by the relevant standing committee and then fully cut during the special committee review. The city's second supplementary budget plan will be finalized at the 4th plenary session of the 299th temporary meeting of the City Council scheduled for the 15th.

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