Mayor Shin Sang-jin: "Accelerating Railway Projects"...Railway Fund Increased to 400 Billion Won

Seongnam to Add 100 Billion Won to Railway Fund
Additional 25 Billion Won to Be Allocated Annually Over 4 Years of the 9th Administration
To Support Pangyo Extension of Line 8 and Wirye-Samdong Line
Securing City Government’s Share for Major Railway Projects

Seongnam City in Gyeonggi Province (Mayor Shin Sang-jin) will increase its railway construction fund from the current 300 billion won to 400 billion won to support large-scale railway projects, including the extension of Subway Line 8 to Pangyo.

A view of Seongnam City Hall. Provided by Seongnam City

On September 15, Seongnam City announced its plan to add a total of 100 billion won over four years during the 9th term of civilian administration, allocating 25 billion won each year. The aim is to secure the city’s portion of funding for railway projects in advance and prevent delays caused by financial shortfalls.

Establishing the railway construction fund is one of Mayor Shin Sang-jin’s key pledges. The city began accumulating the fund in the second half of 2022, when the 8th civilian administration started, and has contributed 70 billion won each year from 2023 to 2025.

On January 29 of this year, the city fully repaid all local bonds, achieving “zero debt.” The next day, an additional 90 billion won was deposited, completing the establishment of a 300 billion won railway construction fund. Based on this, the city plans to continue expanding the fund throughout the 9th administration.

The railway construction fund will be used for the city’s share of major railway projects, such as the “Subway Line 8 Pangyo Extension project,” which is currently undergoing a preliminary feasibility study, and the “Wirye-Sam-dong Line construction project.”

Because railway projects require long timeframes from planning through to construction and opening, and demand large-scale funding, Seongnam City aims to steadily expand the railway construction fund to prevent delays in key projects due to lack of resources, thereby accelerating the development of the city’s rail network.

Mayor Shin Sang-jin stated, “Thanks to improved fiscal soundness, we are now able to expand the railway construction fund to 400 billion won. We will swiftly push forward with creating a rail-centered public transportation system, ensuring that core projects are not delayed due to funding issues.”

This content was produced with the assistance of AI translation services.