The South Korean government has pledged $50 million to tsunami disaster relief, its largest ever relief contribution in history.

Initially Korea had pledged $5 million but made the decision to increase the amount ten-fold in a closed-door meeting held in early January, headed by Prime Minister Lee Hae Chan, after Japan pledged $500 million. Korea’s Foreign Minister Ban Ki Moon said that the international community believes Korea should make donations commensurate with its global standing as the 11th largest economy.

Thus far, $600,000 has been donated and the second donation of $4.4 million will be sent in a lump sum. The remaining $45 million will be distributed among aid and recovery efforts over the next three years, according to the prime minister’s office.

“There were many discussions on exactly how the aid should be dispersed,” a senior foreign ministry official said. “The government will try to follow the requests made by the United Nations.”

Government officials and civic leaders met to discuss how to cooperate in providing aid.

“There are countries, such as Malaysia and India, which have stated that they are not interested in accepting government donations,” an official said. “So, it is time for Korean businesses and companies to step in and show their humanitarian side by helping them.”

Tidal waves up to 40 feet high, induced by an earthquake under the Indonesian Sumatra, devastated several countries and killed more than 286,000 people on Dec. 26. Twelve Korean citizens have been confirmed dead.