The Korea International Cooperation Agency forged an agreement with eight local businesses on Wednesday to assist their social contribution projects in developing countries.

The eight are POSCO, Hyundai Motor, Asiana Airlines, Korea Midland Power, Munhwa Broadcasting Corp., Samick Musical Instrument, Sunjin Engineering & Architecture and Kyung An Cable.

Under the deal, the state-run aid agency and the companies will finance youth education, anti-poverty and other social programs for one year in nine countries including Cambodia, Mozambique and Indonesia.

KOICA has been partnering with 14 Korean corporations in 17 countries since last year as part of its corporate outreach initiative. Other participants include Samsung Electronics, Hyundai Engineering & Construction and GS Caltex.

By Shin Hyon-hee  (heeshin@heraldcorp.com)