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(including disposed exchange-traded funds capital gains
of NT$44.89 million). In 2013 it was 1.58 percent. The
revenue from financial investment plus foreign exchange
and other gains (losses) stood at NT$264.96 million;
which represented an increase of NT$168.09 million, or
174 percent, compared with the budget target. Financial
investment utilization in 2015 is shown in Figure 3.
Accounting Management
The TaiwanICDF’s revenues are derived predominantly
from interest accrued on the Fund and interest from lending
operations and funding for MOFA-commissioned projects.
Interest accrued on the Fund and interest from lending
operations mainly support routine operations, including
technical cooperation projects, humanitarian assistance,
scholarship programs, as well as the TaiwanICDF’s
administrative and management expenses. Income
from MOFA-commissioned projects mainly supports the
operation of overseas technical and medical missions, and
specially commissioned projects.
In 2015, operating revenues and non-operating income
and gains amounted to NT$1.58 billion, of which NT$
1.23 billion was allocated for commissioned projects, an
increase of 21.49 percent from 2014. Revenue generated
through the use of the Fund was NT 374.7 million, a
decrease of 1.95 percent from 2014, of which revenues
from lending and investment operations comprised 29
percent, interest on fund investments 47 percent and cash
dividends 2 percent, with other revenues representing the
remaining share of 22 percent.
Expenditures for 2015 were NT$ 1.52 billion, of
which NT$ 1.23 billion was used for commissioned
projects, an increase of 21.49 percent from 2014.
Expenditures through the use of the Fund were NT$
315.38 million, a decrease of 15.93 percent from 2014.
In 2015, revenue exceeded expenditures by NT$59.32
million compared to the NT$ 7.02 million excess of
expenditures over revenue in 2014, an increase of
NT$52.3 million. This increase in annual dividend
income was mainly due to the implementation of
cost-saving and revenue generating measures to
balance income and expenses, including raising the
proportion of exchange-traded fund holdings; as well,
the natural hedge approach adopted in response
to the U.S. Federal Reserve’s plan to raise interest
rates produced a foreign exchange gain of NT$ 71.75
million. In terms of cutting down on expenses, to make
maximum use of commissioned funds and improve
foreign aid efficiency, part of the operating expenses
were borne by the funds entrusted. At the same time,
the integration of TaiwanICDF and MOFA resources
provided for better synergy of foreign aid and MOFA
injected funds in the amount of US$ 0.25 million to help
the TaiwanICDF in promoting technical assistance. In
addition, Nepal earthquake relief funds were used in
the implementation of two humanitarian aid projects in
the country, indirectly generating savings of US$ 0.4
million in the budget for humanitarian assistance.
Bank Deposits /
Short-term Notes 4%
..........................
Investments for Development
Projects 11%
.........................................
Time Deposits 44%
............................
16% Bonds
...............
2% Index Funds /
Equity Assets
.............
23% Lending for
Development Projects
...........................
Figure 3 Investment Management (2015)