LG's Koo donates 1 billion won for Covid-19 research

LG Group Chairman Koo Kwang-mo. Koo donated 1 billion won ($835,000) to the International Vaccine Institute for Covid-19 research and vaccine development. [NEWS1]

LG Group Chairman Koo Kwang-mo has donated 1 billion won ($835,000) to the International Vaccine Institute (IVI), an international nonprofit organization for vaccine research and development.

IVI’s Korean association said on Monday that Koo made the donation to help with the speedy development of a coronavirus vaccine amid the detrimental impact of the virus on humanity. The funds are for research into Covid-19 prevention, human immunity against the virus and clinical trials worldwide.

An LG spokesperson said Koo used his own funds for the donation, which was transferred to the foundation through the Korean association.

Headquartered in Seoul, the IVI is a nonprofit under the United Nations Development Programme aimed to make vaccines available in all parts of the world. Recently, the institute has been carrying out collaborative projects for Covid-19 vaccine research and development.

“We express deep gratitude toward Koo’s warm and timely donation,” said Jerome Kim, the director-general of IVI. “We will make our best efforts into developing a vaccine as soon as possible and ensuring that the precious donation has the maximum impact for the whole world.”

Professional golfer Ryu So-yeon, ambassador for IVI, also shared the news on her Instagram account Monday.

BY KIM DU-YONG, LEE JEE-YOUNG [lee.jeeyoung1@joongang.co.kr]