May 27, 2022
No. 132
The Republic of China (Taiwan) continues to expand cooperation with the Inter-American Development Bank (IDB) to assist Taiwan’s diplomatic allies in Latin America. On May 26, Vice Minister of Foreign Affairs Alexander Tah-ray Yui, representing Taiwan’s International Cooperation and Development Fund, signed a letter of intent in Washington, DC, with IDB President Mauricio Claver-Carone and Financial Secretary Joseph Waight of Belize’s Ministry of Finance, Economic Development and Investment in order to cooperate on a joint financing project to support productive sectors and boost employment in Belize. The agreement represents a new chapter for Taiwan in assisting its Latin American diplomatic allies in employment creation, economic recovery, and stable social development.
The project will assist Belize in responding to the economic impact of the COVID-19 pandemic. Micro, small, and medium-sized enterprises will receive support to stimulate employment and economic activity. The aim is to achieve postpandemic economic recovery and sustainable development, particularly in the area of women’s empowerment by giving women-led businesses access to loans. The agreement demonstrates the deepening partnership between Taiwan and the IDB in the Western Hemisphere, which will benefit postpandemic economic recovery and development of Taiwan’s diplomatic allies in the region.
The IDB is one of the most prominent development banks operating in the Western Hemisphere. Through investment and financing programs, the IDB accelerates overall development of countries in the region. Since Taiwan started collaborating with the IDB in 1991, it has worked closely with the bank on a number of development projects that have enhanced cooperation with diplomatic allies and other friendly countries in the Western Hemisphere. Taiwan will continue to partner with the IDB to jointly create more opportunities for cooperation that will contribute to the transparent, dependable, and sustainable development of democracies in the region. (E)