Ambassador Timothy T.Y. Hsiang, secretary general of the International Cooperation and Development Fund (TaiwanICDF), took part in a webinar on "Economic growth during COVID-19: Innovative solutions for Central America," organized by U.S. think tank American Enterprise Institute (AEI) on September 15 and joined by high-level U.S. officials and the executive president of the Central American Bank for Economic Integration (CABEI). The discussion centered on joint action for Central American countries to respond to the COVID-19 pandemic. The TaiwanICDF, U.S. International Development Finance Corporation (DFC, formerly OPIC) and CABEI took this opportunity to announce a new partnership in supporting the economic reactivation and prosperity of the region.

September 15 marks the independence day of five Central American countries and a meaningful day to echo the theme of the event. The webinar started with opening remarks by Mr. Mauricio Claver-Carone, senior director for Western Hemisphere Affairs at the U.S. National Security Council and newly elected president of the Inter-American Development Bank, followed by a panel discussion between Secretary General Hsiang; Mr. Andrew M. Herscowitz, chief development officer of DFC; Dr. Dante Mossi, executive president of CABEI; and Mr. Juan José Daboub, visiting fellow at AEI. The in-depth discussion concluded with closing remarks by Mr. John Barsa, acting administrator for U.S. Agency for International Development.

In his remarks, Secretary General Hsiang stated that as Taiwan’s dedicated overseas development agency, the TaiwanICDF’s mission is to improve the lives and well-being of the people in Central America, a region that has maintained a long-term friendship with Taiwan. The TaiwanICDF’s development assistance is unique from other models of intervention, as it places local needs at the heart of its operations. In addition to bilateral cooperation, the TaiwanICDF also maintains close partnerships with multilateral organizations such as CABEI to deliver broader impact to the region. Out of the spirit of sharing Taiwan’s experience and model for containing the pandemic, the TaiwanICDF was one of the initial respondents to CABEI’s regional Emergency Program for Support and Preparation for COVID-19 and Economic Reactivation, committing to the two components of Public Sector Operations and the Micro-, Small and Medium-sized Enterprises (MSMEs) Support Facility. The cooperation will contribute to mitigating the impact of the crisis and building the resilience of the region.

DFC Chief Development Officer Mr. Herscowitz highlighted the important role played by the private sector, especially small and medium-sized enterprises (SMEs) and women, in driving the development of Central America. He stressed the partnership with Taiwan in this region is an honor and the collaboration will have a tremendous impact on the region. CABEI Executive President Dr. Mossi expressed his gratitude for the support of the United States and Taiwan to the region and explained how CABEI initiated this program to rapidly respond to the pandemic and help SMEs. The SMEs loans are granted on preferential terms, making a huge difference to affected businesses. The TaiwanICDF’s prompt response and commitment allowed CABEI to quickly implement the program within five months.

The TaiwanICDF entered into two loan contracts with CABEI in August 2020 to finance the said two components of CABEI’s Emergency Support and Preparedness Program for COVID-19 and Economic Reactivation: “Credit for the Financing of Public Sector Operations” and “Financial Sector Support Facility for MSMEs." This latest cooperation represents a historic amount in the collaboration between the two parties.

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• Update: 2020/09/24
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