InfoAnda - Seoul unveils $18 bln plan for river development

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Seoul unveils $18 bln plan for river development AFP - Tuesday, June 9 SEOUL (AFP) - - South Korea on Monday announced details of an 18-billion-dollar waterways project aimed at reducing flooding and drought, as well as creating tens of thousands of jobs. ADVERTISEMENT The plan to improve the country's four major rivers will cost 22.2 trillion won (17.8 billion dollars) by 2012, said the ministry of land, transport and maritime affairs. It is a major plank of the government's "Green New Deal" to create jobs and lay the ground for further economic growth. Work will begin before the end of this year to build dams, banks and water treatment facilities, the ministry said. The plan calls for 16.9 trillion won to dredge rivers, to develop parks and recreation facilities on banks, and to build dams, catchment basins and reservoirs capable of storing up to 1.3 billion cubic metres (84.5 billion cubic feet) of fresh water. A further 5.3 trillion won will be used to improve water flow and to build 750 sewage processing plants and 46 new water treatment facilities. The ministry said that without such action the country would suffer a water shortage of about one billion cubic meters a year by 2016 because of climate change. River banks will be strengthened and floodgates will be built on the estuaries of the Nakdong and Yeongsan rivers. Flood damage and efforts to prevent it cost the country about eight trillion won every year, the ministry said. The other rivers to be improved are the Han and the Geum. Along the rivers there are plans to create 1,728 kilometres (1,080 miles) of cycle paths and eco-friendly farm villages. Project supervisor Shim Myung-Pil said the work would improve business, cultural and sightseeing infrastructure. "Our goal is to turn the rivers, which are now almost abandoned, into places for culture and recreation that will improve the quality of people's lives," he told reporters. "We will not build any facilities for canals," he said, denying the project is an attempt to revive President Lee Myung-Bak's controversial cross-country canal project. Former construction executive Lee proposed the canal project during his election campaign but later shelved it after widespread public opposition. Instead Lee described the river restoration project as an "important milestone" to combat pollution, ease chronic water shortages and handle water resources effectively. Environmentalists have raised concerns over water contamination and disruption of the ecosystem. They want careful environmental impact assessments before any work goes ahead. Some economists also question the government's assertion that the plan will create 190,000 jobs. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy Oil drops below $68 as rally loses steamAP - 2 hours 23 minutes ago China requires PCs to come with anti-porn softwareAP - Tuesday, June 9 STOCKS NEWS EUROPE-Addax shares jump on Sinopec bid reportReuters - Tuesday, June 9 China ready to help finance Philippine projectsAP - Tuesday, June 9 Related Articles: Business More oil, gas fields must be developed: Petronas CEOAFP - Tuesday, June 9 European shares lower; banks, commodities weighReuters - Tuesday, June 9 RPT-Bahrain sets guidance on 5-year dollar sukuk-leadReuters - Tuesday, June 9 JP Morgan ups Q4 '09 US oil price forecast to $65Reuters - Tuesday, June 9 Areva T&D says wins 3.5-bln-rupee ordersReuters - Tuesday, June 9 Enlarge Photo Seoul unveils $18 bln plan for river development Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Life, health insurers invest big in tobacco President Obama's French food tested by 'taster' Carradine may have died from sex act: Thai police Hopes worst of crisis over fuel market rally: bank body Susan Boyle out of London clinic: brother View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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