1. South Korea to provide Rs 1495 crore loan for an Intelligent Transport System in Maharashtra
Tags: Economy/Finance
The South Korean government signed an agreement with the Government of India on 30 November 2022 to provide a loan of Korean Won 245.081 billion (approx. Rs. 1,495.68 crore) for Establishment of Intelligent Transport System on Nagpur-Mumbai Super Communication Expressway Project.
This is the first project in India to be funded by an EDCF loan. India was made an Official Development Assistance (ODA) partner for development cooperation in October, 2016 by South Korea.
The objectives of the project are to enhance the efficiency in traffic management through establishment of the Intelligent Traffic Management System (ITMS) and traffic centre, and to improve the efficiency in toll management through the establishment of the Toll Collection System (TCS).
Economic Development Cooperation Fund (EDCF)
The Economic Development Cooperation Fund (EDCF) was set up by the Government of South Korea on June 1, 1987 with the purpose of promoting economic cooperation between Korea and developing countries. The EDCF assists partner countries by providing funding for their industrial development and economic stability.
2. South Korea declares national mourning after Halloween stampede kills 151 people
Tags: International News
South Korea's President Yoon Suk-yeol declared a period of national mourning on 30 October 2022 after a Halloween stampede killed 151 people in a packed nightlife area in the South Korean capital city of Seoul.
At least 151 people, mostly teenagers including foreigners from China, Iran, Uzbekistan and Norway have been killed in one of South Korea’s worst disasters and the world's worst stampedes in decades. The local authorities expect the death toll to rise.
It was the first Halloween event in Seoul in three years to be virtually free of COVID-19 restrictions and social distancing. The stampede happened in an alley near a nightclub in the Itaewon district of Seoul which was packed with people .
Halloween festival
Halloween is based on the Celtic festival Samhain, a celebration in ancient Britain and Ireland that marked the end of summer and the beginning of the New Year on 1st November. Halloween is observed every year on 31 October.
It is believed that during Samhain the souls of those who had died that year travelled to the other world and that other souls would return to visit their homes.
People wear costumes to hide themselves from these wandering souls. Another tradition is the carving of demonic faces on pumpkins.
Republic of Korea (South Korea)
It lies in the Korean peninsula in East Asia.
The Korean peninsula was divided into communist Democratic People’s Republic of Korea (North Korea) and Republic of Korea (South Korea) after the Korean War in 1953.
Capital: Seoul
Currency: South Korean Won
