Incheon Requests 320 Billion KRW in National Funding for Ten Projects Including Line 7 Cheongna Extension

Incheon Requests 320 Billion KRW in National Funding
for Ten Key City Projects at Local Finance Council

On May 21, the Incheon Metropolitan Government requested 320 billion KRW in national funding for ten key city projects at the Local Finance Council hosted by the Ministry of Economy and Finance, held at the National Sejong Library.

At the meeting, the city proposed the inclusion of a total of 325.8 billion KRW in national funding, including 17.4 billion KRW for compensation for damages caused by North Korean propaganda broadcasts, 80 billion KRW for the construction of the Incheon KTX line, 2.1 billion KRW for the Incheon-Seoul underground expressway project, 160.5 billion KRW for the extension of Seoul Subway Line 7 to Cheongna, 36 billion KRW for improvements to the traffic congestion between Gongdan Overpass and Seo-Incheon IC, and 10.7 billion KRW for comprehensive development support for the five West Sea islands.

The Local Finance Council is a forum where the Ministry of Economy and Finance explains the direction of national fiscal management to local governments and discusses regional issues. It has been held annually since 2009. This year, the meeting included sessions for department and bureau directors to collectively explain major local government projects, as well as booths for section chiefs to discuss individual projects in depth.

Ha Byungpil, Deputy Mayor for Administrative Affairs of Incheon, stated, "We have proposed national funding focused on key projects essential for economic recovery and regional development," adding, "We will make every effort to secure national funding for the advancement of the region."

Incheon City Hall

Meanwhile, Incheon has secured more than 6 trillion KRW in national funding for three consecutive years as of last year, and this year, the city is accelerating efforts to surpass that achievement.

The city has set its national funding target for next year at over 6.5 trillion KRW (including 900 billion KRW in general allocation tax) and applied for 6.1108 trillion KRW in national subsidies (including direct national projects) to central government ministries in April.

The city plans to operate a "dedicated national funding officer system" under the responsibility of department and bureau directors until the government budget for next year is finalized on December 2. This system aims to devise countermeasures for projects that are not reflected or are expected to be cut by central government ministries.

In addition, the city intends to implement step-by-step strategies for budget allocation through budget policy consultations with each political party and local National Assembly members, and aims to secure national funding that exceeds its target amount.

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