'Rural Vacant House Renovation Projects' Now Eligible for Agro-Food Fund of Funds... Aiming to Boost Private Capital Inflow

Ministry of Agriculture, Food and Rural Affairs to Implement Revised Notice Starting October 27

Rural vacant house and unused building renovation projects will now be eligible for investment from the Agro-Food Fund of Funds.

The Ministry of Agriculture, Food and Rural Affairs announced on October 22 that it will pursue institutional improvements to expand the investment targets of the Agro-Food Fund of Funds, enabling private capital to be attracted to rural vacant house and old building renovation projects.

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The Agro-Food Fund of Funds is a fund established with government finances or other funds to invest in partnerships or companies that focus on agro-food business entities. It was introduced to promote investment in the agro-food industry by expanding new forms of policy finance through public-private joint investment, and to support the creation of a sound growth foundation for agro-food business entities.

Until now, the central and local governments have implemented vacant house renovation projects to address aesthetic and safety issues caused by rural vacant houses. However, as private sector demand for utilizing vacant houses has recently increased, the need to promote private investment has been raised.

Accordingly, the revised notice on "Other Work Related to the Agro-Fisheries and Food Industry," which will take effect from October 27, includes rural vacant house and unused building renovation projects under the "Rural Improvement Act" and the "Building Management Act" as new investment targets for the Agro-Food Fund of Funds, reflecting private sector investment demand. The Ministry expects that this institutional improvement will further enhance the sustainability and effectiveness of rural vacant house renovation projects by facilitating the inflow of private capital.

Yoon Wonsup, Director General for Agricultural Policy at the Ministry of Agriculture, Food and Rural Affairs, stated, "Renovating vacant houses will not only ensure resident safety and improve living conditions, but also significantly contribute to balanced regional development," adding, "We will actively support rural environment improvement projects by expanding private investment."

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