Taipei, Taiwan plans to invest US$150 million over a period of five years to finance cooperation projects in Paraguay, the Ministry of Foreign Affairs (MOFA) said Saturday.
According to a memorandum of understanding (MOU) Taiwan signed with its last remaining South American diplomatic ally late last year, the cash will be used to develop Paraguay's social assistance, education, housing and infrastructure.
Apart from a previously initiated public housing project, MOFA spokesman Andrew Lee said the Paraguayan government has expressed the wish that Taiwan can help improve the livelihoods of the Paraguayan people.
A Taiwanese diplomat once stationed in Paraguay said that the public housing project has helped improve the quality of life in rural areas of Paraguay.
Last year, Paraguayan President Mario Abdo Benitez came to Taiwan, the first country Abdo visited after taking office in August that same year, for a 5-day state visit.
Paraguay has had diplomatic relations with the Republic of China (Taiwan) since 1957.
Source: Focus Taiwan News Channel