Taiwan releases second tranche of RSCD constituency funds

THE Government of the Republic of China on Taiwan has released the second tranche funding of the ROC Support Constituency Development (RSCD) for constituency projects worth twelve million three hundred thousand dollars to the Solomon Islands Government.

Taiwanese Ambassador to Solomon Islands, Victor Te-Sun Yu handed over the disbursement instruments of the funds to the Prime Minister, Manasseh Sogavare on Friday, November 6 in Honiara.

Mr Yu said the 12.3 million dollars will be disbursed to 41 Constituencies, while the remaining Nine Constituencies will receive their RSCD funding on the retirement of acquittals by their respective Members of Parliament.

Meanwhile, Mr Yu said Taipei has also released the First Funding worth l-million-200-hundred-thousand dollars of RSCD funds for remaining Four Constituencies.

The surrender of acquittals to the Ministry of Rural Development which administers the funds is now the pre-requisite for the MPs to take delivery of their RSCD funds.

Mr YU did not release the names of the recipient Constituencies of both tranches of the ROC Support Constituency Development Funds, but also added that the Taiwanese Government has also allocated $790,577.76 in United States currency towards the repayment of Solomon Islands’ EXIM Bank Loan Phase Two.

He said the money was transferred November 6 to the Central Bank of Solomon Islands’ account in the United States’ Federal Reserve Bank in New York.

The Solomon Islands Government secured the loan under a repayment agreement with Taipei to settle claims for property losses in the ethnic tensions more than a decade ago.

In another news development, Mr Yu said his country is prepared to be partners in investment in the Solomon Islands tourism, economic and trade sectors.

But he adds, for Taiwanese businesses to be attracted to invest in Solomon Islands, land disputes and frequent political instability must be resolved and infrastructure must be improved because investors are very critical about where they invest their hard-earned money.

Prime Minister Manasseh Sogavare expressed gratitude to the Taiwanese Government for its continuous assistance towards the development of Solomon Islands.

Source: PM’s Press Secretariat Office