Chungnam Province Secures 89.6 Billion KRW for Local Extinction Response Fund

Chungnam Province has secured 89.6 billion KRW in national funds for the local extinction response fund.

According to Chungnam Province on the 7th, the secured local extinction response fund is divided into 14.4 billion KRW for the metropolitan account and 75.2 billion KRW for the basic account.

Chungnam Province plans to utilize the metropolitan account allocation for four projects, including the Chungnam rural-type Live Together initiative and the establishment of rental-type smart farm complexes.

The basic account allocation will be used by each city and county. For example, Buyeo-gun (S grade) will invest 14.4 billion KRW in projects such as the ‘Smart Agriculture Structure Advancement,’ which combines a smart farm practice farm and a dormitory education center, and the ‘Youth Rental Housing Development Project’ utilizing abandoned buildings to promote regional revitalization.

Also, Seocheon-gun (A grade) plans to spend 11.2 billion KRW on projects such as the ‘Customized Rural Stay Development Project that attracts urban residents,’ including rural nest rental housing and traditional Hanok experience lodging, laying the foundation for the influx of returnees to farming and rural areas and improving rural settlement conditions.

The Ministry of the Interior and Safety has been preparing an annual budget of about 1 trillion KRW over 10 years since last year to distribute the local extinction response fund.

In particular, starting this year, the grading system was reduced from five to four (S, A, B, C), increasing the difference in allocation amounts between the highest and lowest grades from 5.6 billion KRW to 8 billion KRW.

Chungnam Province has formed a working-level consultative body with population-decreasing cities and counties to establish close cooperation between metropolitan and basic levels and is assisting in the establishment and evaluation of local extinction response fund investment plans.

A Chungnam Province official said, “We will use the local extinction response fund as a catalyst to overcome population decline and the crisis of local extinction,” adding, “We will strive to revitalize the region through the influx of young people and to establish a virtuous cycle of population.”

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