South Korea's government continues its investment in higher education, where access rates are already among the highest in the world. The 2009 budget for the Ministry of Education, Science and Technology was 41.581 trillion Korean won (US$0.037 trillion), up 8.2% from the previous year, and the budget for higher education grew by a 2.5% increase.
The New University for Regional Innovation project, with an investment of 245.2 billion won, is part of an effort to develop local economies outside of Seoul. A total of 548.5 billion won has been allocated to provide more university students with loan programmes.
The government initiated a higher education evaluation and accreditation system in January last year in a bid to reinforce the autonomy and accountability of higher education institutions and refurbish the sector with a quality assurance framework of international standards.
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