Taiwan supports development of Sao Tome and Principe private sector

21 December 2006

Sao Tome, Sao Tome and Principe, 21 Dec – Taiwan has donated US$200,000 for the development of the private sector in Sao Tome and Principe, the minister of the Economy, Cristina Dias said in Sao Tome Wednesday.

The minister added that the financial assistance from the Taiwanese authorities would provide a credit line for Sao Tome retailers in order to “encourage commercial practice and produce wealth for small businesses.”

Distribution and control in applying the funding will be carried out through the Chamber of Commerce, Industry, Agriculture and Services in partnership with the Sao Tome and Principe Ministry of the Economy.

In 2005, in a similar move, Taiwan gifted over US$500,000 to the Sao Tome private sector.

Since diplomatic relations were established in May 1997, it is estimated that Taiwan has already invested over US$90 million in the Sao Tome and Principe archipelago. (macauhub)