On 25 November 2009, the DAC welcomed South Korea as its newest member.
Korea joined the OECD in 1996 and a decade later began motions to join the OECD’s Development Assistance Committee.
A team of experts from the DAC Secretariat visited Korea in June 2009 to verify that its aid programme meets DAC standards. They noted, among other things, Korea’s sound aid volumes, strategies, policies and institutional frameworks, as well the country’s reliable system for monitoring and evaluating performance.
The Korean government has pledged to increase its aid from the present 0.09 per cent of its GDP to 0.15 per cent of GDP by 2012 and 0.25 per cent by 2015.
In 2008, the Korea International Cooperation Agency (KOICA) spent US$ 11.7 million on water and sanitation activities, of which US$ 4.5 million in Asia, US$ 3.6 million for Africa and US$ 2.9 million for Latin America. Roughly half of the activities were training courses.
In 2011, Korea will host the Fourth High Level Forum on Aid Effectiveness, where progress on global efforts to make aid more effective in reducing poverty and promoting economic growth will be assessed.