Chung Mong-koo Foundation will provide 20 billion won ($17.9 million) for five years in the fields of arts and culture in the country.

The Ministry of Culture, Sports and Tourism and the foundation signed an agreement at the ministry in Seoul on Monday to cooperate in the promotion of arts and culture.

Under the agreement, both sides will expand arts and cultural programs for children and teenagers, and also push various regional projects jointly.

One of the first projects to be pushed is increasing support for creative activities in farming and fishing villages, while running youth camps focused on performance and special lectures.

Among other programs on board are a nationwide chorus contest to be launched this year, an increase in scholarships to arts majors and financial support for entrants in overseas competitions.

“The private sector’s active support for arts and culture will be the basis for the cultural prosperity of the country,” said Culture, Sports and Tourism Minister Yoo Jin-ryong at the signing ceremony.

“The promotion of arts and culture is an important task to enhance individuals’ quality of life and take the country to a higher level,” said Yoo Young-hak, chairman of the foundation.

By Chun Sung-woo (swchun@heraldcorp.com)