SEOUL, Sept. 9 (Xinhua) -- A scholarship foundation, formed with South Korean President Lee Myung-bak's personal wealth donation, officially kicked off and will start distributing scholarships early next year, foundation officials said Wednesday.
President Lee in July announced that he would donate 33.2 billion won (27.1 million U.S. dollars), which takes up most of his personal fortune, to establish a new youth scholarship program.
Earlier during his presidential campaign, then-candidate Lee pledged to offer all of his personal assets to the society once elected.
The so-called Cheonggye Foundation, taken from one of the president's pen names, will start hand out around 90 million won (73,000 U.S. dollars) every month, Song Jeong-ho, head of the foundation said.
"The foundation will offer various scholarship programs that best reflects President Lee's intentions," Song said, promising that as many children and students as possible will receive benefits.
