Funds to support disaster recovery and displaced residents

Korea Federation of Community Credit Cooperatives Chairman Ko Young-chul presents a relief donation for Nepal flood victims. [KFCC]
Korea Federation of Community Credit Cooperatives Chairman Ko Young-chul presents a relief donation for Nepal flood victims. [KFCC]

The Korea Federation of Community Credit Cooperatives announced Wednesday that it has donated $50,000 in emergency relief funds to support recovery efforts and aid displaced residents in Nepal following the country's record-breaking floods.

The donation will be channeled through the Credit Cooperative Social Contribution Foundation to the Association of Asian Confederation of Credit Unions secretariat and used for disaster recovery and support for affected communities.

According to the Nepal Federation of Savings and Credit Cooperative Unions, 35 local credit unions sustained damage in the floods, and members in some areas have been unable to access normal financial services.

The federation previously donated $100,000 following Nepal's 2015 earthquake and provided relief supplies and volunteer assistance. The latest contribution marks the first emergency aid to Nepal in 11 years since that earthquake response, underscoring the long-standing partnership and solidarity between South Korean and Nepali credit unions.

The federation has consistently provided humanitarian assistance whenever major disasters have struck abroad. It donated $20,000 for Sri Lanka flood recovery in 2017, $100,000 for Australia's bushfire recovery in 2020, and $50,000 that same year for flood relief in Vietnam and the Philippines — all part of what the organization describes as its commitment to global inclusive finance.

"We extend our deepest condolences to the people of Nepal and local credit union members who are suffering from this sudden disaster," federation Chairman Ko Young-chul said. "Grounded in the spirit of cooperative solidarity and mutual aid, we will do our part to help residents in the affected areas restore their daily lives as quickly as possible."

The floods, which struck Nepal's Himalayan mountain region on Aug. 26, have killed 1,395 people and left 5,130 missing.


won@heraldcorp.com