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EBRD and Taipei China expand business cooperation
Two agreements signed on the eve of the Bank's Annual Meeting
The European Bank for Reconstruction and Development and Taipei China are expanding their longstanding business relationship. On the eve of the Bank's Annual Meeting in Tashkent EBRD President Jean Lemierre and the Taipei representative in the UK Hung-mao Tien have signed two agreements that underline Taipei's strong commitment to its role as an important donor to the EBRD's operations. Under the Replenishment Agreement for the EBRD-Taipei China Technical Cooperation Agreement the country will provide $1 million and under the Contribution Agreement for the Mongolia Cooperation Fund, €1 million will be mobilised for the benefit of technical assistance in Mongolia.
Although not a shareholder of the Bank, Taipei China has been a strong supporter of the EBRD since the establishment in 1991 of the Taipei China-EBRD Cooperation Fund, to which has Taipei today contributed $18.5 million. Taipei China has financed 147 projects in most of the EBRD's 27 countries of operations and thus has become an important participant in the Bank's technical cooperation programme.
Funds have been made available for advice on an array of projects ranging from telecommunications to tourism, as well as for the facilitation of investments and the support of small and medium-sized enterprises. Taipei China has also contributed $1.5 million to the EBRD Balkan Region Special Fund which has helped finance projects in FYR Macedonia, Kosovo, Serbia and Montenegro, Croatia and Romania.
At today's signing, Gary Bond, EBRD Director of Official Co-Financing, stressed the great importance the Bank attaches to its donor countries and their strong and continuing support for the EBRD's different projects. He pointed out that Taipei China contributions have been made to all five countries of Central Asia, the region where the EBRD for the first time is holding its Annual Meeting this year.
Mongolia became a shareholder of the EBRD in 2000, but is not one of its countries of operations. Nevertheless, the Mongolia Cooperation Fund established in 2001 in the amount of €10 million has been an important vehicle to assist the development of the private sector in Mongolia and the promotion of commercialisation and privatisation of state-owned companies. With its contribution, Taipei China specifically wants to support Mongolian private business development.
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