S.Korea mulls $7 bln injection into KIC in 2010

Published: 05 Nov 2009 17:45:11 PST

SEOUL, Nov 6 - South Korea is seeking to entrust an additional $7 billion to sovereign wealth fund Korea Investment Corp (KIC) next year, a finance ministry official said on Friday.

"Seven billion dollars is the ceiling for what the government can pump into the fund each year. But it is subject to a parliamentary decision," the official told Reuters, adding that the size of the planned fresh money injection had not been determined.

The comment came after the Korea Economic Daily reported on Friday that the government would continue to increase the fund's size from the current $27.8 billion by pumping more assets into it, citing an unnamed finance ministry official.

KIC declined to comment.