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South Korea will set up a fund worth 20 trillion won (US$16.8 billion) over the next five years to promote the Korean New Deal projects that will create millions of jobs and revive the virus-ravaged economy, Finance Minister Hong Nam-ki said Thursday. The fund will consist of 3 trillion won in government investment, 4 trillion won in investment from state-run financial institutions and 13 trillion won from private financial firms and the public, Hong told a meeting chaired by President Moon Jae-in. The fund is expected to help channel excess liquidity into the real economy, Hong said. To help people invest their money in the fund, the government will offer tax benefits, Hong said.
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