25 May 2007

Tuvalu Trust Fund pleased with performance

5:47 pm on 25 May 2007

The secretariat to the Tuvalu Trust Fund Board says the country's trust fund is an excellent mechanism of aid delivery for the country.

The Tuvalu Trust fund was set up in 1987 by the Tuvalu, New Zealand, Australian and British governments with a starting investment of 22 million US dollars and its market value today has grown to 83 million US dollars.

The secretary to the Tuvalu Trust Fund Board, Talavai Iona, says because of the Trust, the government has been able to fund its own major development projects.

"One of the major projects that was funded from the governments own resources, that was assisted from revenue from the Tuvalu trust fund, is the electrification of outer islands. Also, an outer island trust fund, we call it Falekaupule trust fund. And that Trust Fund is owned by the communities, and any proceeds from them directly to the development of outer-islands."

Talavai Iona says the trust is one of the best examples of aid delivery for developing countries because it gives Tuvalu the ability to decide what's best for itself.