Photo © Booyoung Co. Ltd
UN-HABITAT said this week it had signed an agreement with the Booyoung Group of the Republic of Korea whereby the construction-centered corporation will provide the agency with USD 3 million over the next decade to promote urban development and habitat improvement in Africa.
The agreement was signed in Seoul 13 October by UN-HABITAT Executive Director Dr. Joan Clos, and Dr. Joong-keun Lee, Chairman of Booyoung Co. Ltd.
Dr. Clos expressed his sincere gratitude for Booyoung's generous contribution, saying the funding would be used to improve the situation of rapid and unplanned urbanisation in Africa, as well as promote comprehensive sustainable urban development.
News reports quoted the Booyoung Group Chairman as saying he hoped the agreement would the raise stature of the Republic of Korea in the world community.
As part of its corporate social responsibility efforts, Booyoung said it has built education and welfare facilities in Korea, and more than 600 primary schools in 14 other countries including Vietnam, Laos and Thailand.