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Nauru

Department: Lending and Investment
Project Name: "TaiwanICDF Microfinance Development Fund" - pilot projects in Nauru
Project Description: The TaiwanICDF provides US$500,000 grant funding to the Government of Nauru in support of microfinance development in the nation. Two sub-projects have been identified to be financed under the grant, namely the NEDC Agricultural microfinance Project, and Digicel Mobile Money Project.
1. NEDC Agricultural Microfinance Project: The project will be intergrated as part of the Nauru Entrepreneurship Development (NED) Project, a GON project funded by AusAID with technical assistance provided by the UNDP. The project corresponds to the NSDS to broaden private sectors participation in the economy of Nauru, address unemployment, reduce import substitution and improve domestic food security through the establishment of the Nauru Entrepreneurship Development Center (NDEC).
The TaiwanICDF Microfinance Development Fund allocates US$200,000 to this sub-project. The agricultural microfinance facility (US$150,000)is delivered through the NEDC with joint-efforts from the TTM in Nauru in selection and training of the borrowers. The capacity-building component has a budget of the remaining US$50,000 through which a local loan officer will be hired to receive on-the-job training and knowledge transfer from the Business Development Specialist.
2. Digicel Mobile Money project: The absence of a banking sector is a prime hurdle to the development of cash economic activities in Nauru. Digicel is the only MNO in the country, and has successfully launched a m-money system in Fiji. It is considered a similar system in Nauru would help facilitate movements of cash across the country (maybe in and out of the country in the future), provide households a tool to save and manage liquidity.


Implementation Start Date: 2009/12/30
Project Objectives: The TaiwanICDF's support in microfinance development of Nauru is aimed to make a wide range of financial services to be made available to the people of Nauru through which a more dynamic business environment would be facilitated and private sector's participation in the economy of Nauru would be enhanced.
Executing Agency: Government of Nauru
Implementation Arrangement: The TaiwanICDF provides US$500,000 grant funding to the Government of Nauru in support of microfinance development in the nation. Two sub-projects have been proposed to be financed under the grant, namely the NEDC Agricultural microfinance Project, and Digicel Mobile Money Project. The first project is executed by Nauru Entrepreneurship Development Center, and is implemetated in line with the TTM planns for its extention operations, while the latter project is subject to the approval of the GoN.
Project Contact: Tseng Hsun Hui
Phone: +886 2-28762323 ext. 509
E-mail: h.h.tseng@icdf.org.tw
Signing Date: 2009/12/30
Status: under implementation
Projected Benefits: Private-sector commercial activity is promoted in Nauru; Dependence on importation of agricultural productions is reduced.
Sector: Economic Infrastructure and Services
Sector Item: Banking and Financial Services
Cooperating Country: Nauru
Project status: Projects under implementation
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  • Date:2011/3/4
  • Date Updated:2012/6/20