MEST providing financial support for universities with outstanding educational achievements and capacities
[March 17, 2010]
Yeungnam University (president Lee, Hyo-soo) was selected as the 'Educational Capacity Enhancement Project' of MEST, and is now securing the most national funding among private universities in Korea. Since adopting the 'Educational Capacity Enhancement Project' since 2008, it has been selected every year for 3 consecutive years.
On the 17th, MEST (the Ministry of Education, Science and Technology, minister Ahn, Byeong-man) announced the selected universities for financial support of 'Educational Capacity Enhancement Project', in which a total of 260 million dollars is to be provided. A total of 29 universities in the Seoul Metropolitan area including Korea University, Yonsei University, Sungkyunkwan University, Kyunghee University, Hanyang University and Seoul National University were selected, while 56 in provincial areas including Yeungnam University, Kyungpook National University, Pusan National University, Chonnam National University, Pukyong National University and Chungnam National University were selected. Thus a total of 85 universities selected this year will receive an average of 2.95 million dollars per university.
Yeungnam University will be provided with 6.1 million dollars, which is the most national funding among private universities in Korea. It received 5.5 million dollars last year.
The selected universities can autonomously and strategically invest the funding until the end of February of next year for recomposing educational courses, providing support for educational and lab activities, improving education conditions, etc for improving educational capacities. 
Yeungnam University is planning to actively use the funds for educational innovation and improvement of research capacities, increasing scholarships, improvement of educational and research environments, development of various employment programs and employment support in order to foster 'Y-type talents'.
Universities to receive financial support are selected according to a formula composed of an objective and quantitative index. Priorities for universities to receive support are determined in order of the score acquired in the formula (educational index formula) composed of the performance and educational condition related indexes of universities.
MEST announced that of the 88 universities that received support in 2009, 13 universities (14.7%) were disqualified for the 2010 universities to be supported. 75 universities that received support last year will be receiving support this year as well, and there are 10 new universities to be provided with the support. Meanwhile, universities selected in the '2010 Educational Capacity Enhancement Project' must submit a national funding application and business plan by early April.
