South Korea will provide the Asian Development Bank with an all-time high 191.2 billion won ($179.4 million) this year to assist developing countries, the government said Saturday.

“South Korea decided to provide the assistance to the Asian Development Fund after reaching an agreement on the country’s share of expenses last year,” an official from the Ministry of Strategy and Finance said.

Introduced by the regional lender ADB in 1968, the fund aims to provide loans to developing countries at a low interest rate, assisting their economic growth.

Until July 2012, 32 members of the ADB have contributed a combined $38.7 billion to the ADF, with Japan being the largest donor, followed by the U.S., according to the lender.

It will be South Korea’s seventh contribution to the development fund. (Yonhap News)