Seoul  - South Korean President Lee Myung Bak fulfilled an election campaign promise Monday by donating the bulk of his personal fortune to charity.

The 33.14-billion-won (27 million dollar) donation will go toward a foundation that is still to be named by the president and his wife said Song Jeong Ho, a former justice minister and designated head of the new fund.

The foundation will support needy students and other charity programmes.

Lee, 67, promised to give up his fortune shortly before he was elected president in December 2007, keeping only a house for himself and his wife. He accumulated most of the money while working in the construction industry.(dpa)