Department: Lending and Investment
Project Name: "TaiwanICDF Microfinance Development Fund" - pilot projects in Nauru
Project Description: This project includes two components: the NEDC Agricultural Microfinance Project; and the Digicel Mobile Money project. The status of each of these subprojects is as follows:
1. NEDC Agricultural Microfinance Project: US$200,000 has been allocated as part of the TaiwanICDF Microfinance Development Fund, including US$50,000 for the purpose of building capacity at the NEDC. This subproject will be integrated as part of the Nauru Entrepreneurship Development (NED) Project, a government of Nauru project funded by AusAID and with technical assistance provided by the UNDP that was completed at the end of 2011. Currently, the agricultural microfinance facility (US$150,000) is being delivered through the Nauru Entrepreneurship Development Center (NEDC) with joint-efforts from the Department of Agriculture, Nauru, to provide microloans to layer farmers.
2. Digicel Mobile Money project: The absence of a banking sector is a prime hurdle to the development of cash economic activities in Nauru. This subproject would help facilitate movements of cash across the country, providing households with a tool to save and manage liquidity. US$300,000 has been allocated to this subproject as part of the TaiwanICDF Microfinance Development Fund.
Implementation Start Date: 2009/12/30
Project Objectives: An MOU between the ROC and the RON, effective from January 1, 2008, specified that the TaiwanICDF will provide financial assistance to Nauru through a US$500,000 microcredit scheme, following a feasibility study by the TaiwanICDF and the subsequent confirmation that the scheme would be feasible. The project objectives are to promote local business development so as to enhance private sector participation in the economy of Nauru.
Executing Agency: Government of Nauru
Implementation Arrangement: The TaiwanICDF is providing US$500,000 in grant funding to the government of Nauru in support of the nation’s microfinance development. The proposals of the subprojects will be approved by the TaiwanICDF before being implemented.
Project Contact: Daphne Tien
Phone: +886 2-28762323 ext. 504
E-mail: daphne_tien@icdf.org.tw
Signing Date: 2009/12/30
Status: under implementation
Projected Benefits: Private-sector commercial activity is promoted in Nauru.
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:2014/2/18