The South Korean government announced on Thursday it will increase its Inter-Korean Cooperation Fund by 10.3 percent to more than $1 billion for 2020 to implement the “peace economy,” allocating $403 million to infrastructure construction.

The Ministry of Unification (MOU) presented the plan at a Cabinet meeting, asking for a total of KRW1.44 trillion ($1.18 billion) for next year’s budget.

The ministry requested more than KRW1.22 trillion ($1 billion) for the Inter-Korean Cooperation Fund while the rest was allocated for the general account budget.

The MOU said it compiled the budget with an “emphasis on realizing the ‘peace economy,’” where