23 Sep 2004

Taiwan to pay US$40m into Marshall Islands trust fund

4:02 pm on 23 September 2004

Taiwan is to contribute more than 40 million US dollars over a twenty-year period as part of a US-backed trust fund for the Marshall Islands.

The announcement has been made by the Marshall Islands foreign minister, Gerald Zackios.

The trust fund was established in May as part of a Compact of Free Accosiation fund with the US who invested 25 million dollars to launch the fund.

Mr Zackios says that Taiwan has agreed to provide 1 million dollars annually until 2009, and then increase the amount to 2.4 million annually through 2023.

He says a fund agreement between his government and Taiwans is being finalised.

The aim of the Fund is to provide funding for the Marshalls government to replace US grant funding when then Compact ends in 2023.