Minister of Finance Elbuchel Sadang signed the loan agreement with the government of Taiwan on March 30th for the $5 million-dollar soft loan targeted at women and youth for entrepreneurship finance.
President Remengesau Jr. expressed Palau’s appreciation to Taiwan saying that it was “a timely” support. Olbiil Era Kelulau had recently given its approval to President Remengesau Jr. to obtain a soft loan to help women and youth entrepreneurs.
Ambassador Wallace M.G. Chow of Taiwan to Palau said that this kind of assistance is based on Taiwan’s experience. Taiwan invested in its small and medium enterprises and the success of these enterprises propelled Taiwan into what it is today, a successful economic powerhouse.
The loan is specifically for women and youth, youth includes both men and women defined as a youth by Palau law.
The loan will be administered by the National Development Bank of Palau.