The biggest scholarship foundation in Asia, with a 1 trillion won ($1.1 billion) fund, will be launched in Korea within three years, according to plans by Kwanjeong Educational Foundation, which runs the nation’s biggest scholarship fund.

SamYoung Chemical chairman Lee Chong-hwan, who established the foundation in 2000, said on Sunday that he would make additional contributions to the foundation to expand the current 800 billion won ($730 million) fund to 1 trillion won within three years. 

“With the expanded fund, the foundation will expand its scholarship programs to beyond Korea,” Lee said in the ceremony to celebrate the rebuilding of his birth place in Uiryeong, South Gyeongsang Province. It is common practice for business leaders to rebuild their old family homes and open them to the public to celebrate their success.

To expand the size of the fund under the timeline, he said he would develop his real estate in Seoul and Busan as commercial properties, including a 24-floor multi-purpose construction in Busan, and donate the developed properties to the foundation.

“The foundation will also launch the Kwanjeong Science Award program for Asian talented students in natural and social sciences after securing additional fund,” Lee said.

Since its establishment, the foundation has mainly supported Korean students who excel in a wide variety of fields, such as humanities, social sciences, natural and engineering sciences, and arts, while making contributions to cultivating talent in the region, in particular by running scholarship program for Chinese students.

The foundation also donated 60 billion won to Seoul National University to construct a new digital library by 2014.

By Seo Jee-yeon (jyseo@heraldcorp.com)