Subject: Lusa: Portuguese aid paves way for 'significant' investment
East Timor: Portuguese aid paves way for 'significant' investment
Dili, April 28 (Lusa) - East Timor will soon be eligible for significant private foreign investment under a World Bank scheme, the Portuguese embassy in Dili announced Wednesday.
Timor had wanted to join the International Finance Corporation (IFC), part of the World Bank Group, but had been unable to pay the necessary subscription.
The IFC functions as an investment bank and is the World Bank`s intermediary with the private sector in developing nations.
Portugal has paid the USD 770,000 joining fee out of its 2004 aid package to Timor and the world`s newest nation can now bid for "significant" overseas investment projects that will have a "decisive" contribution to its development, said a statement from Portugal`s Dili diplomatic mission.
Lisbon`s development aid to Timor this year totals USD 32 million and is primarily aimed at boosting the teaching of Portuguese and bolstering its former colony`s institutions.
Support ETAN, make a secure financial contribution at etan.org/etan/donate.htm