President’s foundation to offer grants from next year
Published: 10 Sep. 2009, 01:02
A foundation handling President Lee Myung-bak’s recently donated wealth has officially been launched and is expected to start handing out scholarships early next year, foundation officials said yesterday.
The president donated 33.2 billion won ($27.1 million), or over 90 percent of his lifetime savings, in July under a campaign pledge to give all of his personal wealth back to society with the exception of a house for his family after his retirement. “The foundation will offer scholarship programs that best conform to President Lee’s intentions. It will work to make sure as many children and students as possible will receive benefits,” foundation head Song Jeong-ho said.
The Lee & Kim Foundation, named after the president and his wife Kim Yoon-ok, is also known as the Cheong-gye Foundation in Korean, taken from one of the president’s pen names.
The foundation is expected to offer about 90 million won every month based on income it derives from the donated assets, Song, a former justice minister, said earlier.
Yonhap
with the Korea JoongAng Daily
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