South Korea approves $2.6 million fund to pay North Korea's Olympic expenses

Zach Pereles
South Korea will pay over $2.6 million to cover North Korea’s expenses at the PyeongChang games. (Christof Stache/Pool Photo via AP)
South Korea will pay over $2.6 million to cover North Korea’s expenses at the PyeongChang games. (Christof Stache/Pool Photo via AP)

South Korea approved a government plan Wednesday that will cover North Korea’s expenses at the 2018 PyeongChang Olympics, per the Korea Herald.

The fund, approved by the South and North Exchange and Cooperation Promotion Council, costs roughly 2.86 billion won (roughly $2.65 million). It will cover the expenses of hundreds of North Korean participants, which range from art performers to cheerleaders to the taekwondo demonstration team, all of whom are part of North Korea’s involvement in the PyeongChang games.

“The North Korean delegation’s participation in various forms is serving as a pretty good opportunity to (achieve) Seoul’s goal to hold an Olympics of peace and becoming an important chance for harmony that improves the inter-Korean relationship and opens up the door for peace on the Korean Peninsula,” said Unification Minister Cho Myoung-gyon.

“This could further pave the way for (inter-Korean) discussion to build and sustain peace on the peninsula,” Cho added.

Whether or not South Korea will fund North Korea’s participation in the Paralympics, which take place in PyeongChang in March, will be determined in a future council meeting according to the release.