Chung Mong-koo Foundation donating 20 billion won to arts

Hyundai Motor said yesterday that its Chung Mong-koo Foundation will donate 20 billion won ($17 million) during the next five years to support development of the country’s art and cultural programs.

The foundation, which Hyundai Motor Group Chairman Chung Mong-koo established with his own assets in 2007, said that it signed a deal with the Ministry of Culture, Sports and Tourism to boost cultural education for students and support programs for rural areas.

It will also reinforce a voucher program for young students to enjoy culture events, while giving scholarships and allowances to future talents to participate in various art events and competitions.

The latest move came about a month after Chung decided to donate 360,000 Innocean shares to the foundation, which is valued around 100 billion won.