Korea Local Finance Association Serves as Financial Pillar for Local Governments

Jung Sunyong: "We Will Strengthen Disaster Prevention Efforts, Including Risk Management Consulting"
Second Support This Year... 734 Million Won Delivered for Disaster Recovery in Chungcheongnam-do Special Disaster Areas

The Korea Local Finance Association (Chairman Jung Sunyong, hereinafter referred to as the Association) announced on the 3rd that it had provided 1,385 million won in financial support for disaster recovery to 22 local governments designated as special disaster areas after record-breaking torrential rains in July.

Jeong Seonyong, Chairman of the Korea Local Finance Association (right), handed over financial support for disaster recovery in nine cities and counties of Chungcheongnam-do to Kim Taeheum, Governor of Chungcheongnam-do, at the Chungnam Provincial Government Office on the 2nd. Provided by the Korea Local Finance Association

Since 2012, the Association has been providing financial support to special disaster areas in addition to regular compensation payments, in order to share the burden with its member local governments affected by disasters. As of 2025, a total of 14.1 billion won in support funds has been distributed.

This special disaster area support is the second of its kind this year, following the provision of 458 million won to Ulsan, North Gyeongsang, and South Gyeongsang regions affected by large-scale wildfires in March.

In particular, due to the recent torrential rains, nine cities and counties within Chungcheongnam-do were declared special disaster areas, reflecting the severity of the damage. The estimated loss for insured buildings and facilities in the Association is approximately 5.6 billion won.

On the 2nd, Chairman Jung Sunyong visited the Chungnam Provincial Government Office to express his condolences to Governor Kim Taeheum and delivered 734 million won in financial support to the nine cities and counties of Chungcheongnam-do designated as special disaster areas.

Chairman Jung Sunyong stated, "I hope that this special financial support, which is provided separately from disaster compensation payments, will help our members recover from the disaster. The Korea Local Finance Association will continue to provide ongoing support and attention to our members' difficulties, based on the spirit of mutual aid."

Starting with his visit to the Chungnam Provincial Government Office, Chairman Jung Sunyong plans to visit Cheonan, Asan, Buyeo, and other special disaster areas in Chungcheongnam-do on September 4 and 5 to communicate with member local governments.

The Association is making every effort to conduct prompt damage assessments and ensure accurate compensation payments for its members affected by this disaster. By providing disaster recovery financial support to special disaster areas, it is actively fulfilling its role as a financial pillar for local governments.

Chairman Jung Sunyong added, "The Korea Local Finance Association will continue to actively support member local governments affected by disasters, and will also strengthen disaster prevention activities such as risk management consulting."