E100m from Taiwan ICDF to be drawn down
27 December, 2013
OVER E100 million ($10 million) from the Taiwan International Cooperation Development Fund (ICDF) will be drawn down by the Swaziland Development Finance Corporation (FINCORP).
This will transpire at the beginning of the next financial year once all precedent conditions have been satisfied.
FINCORP’s 2013 Annual Report states that the organisation has, in the past, successfully secured loan facilities from several multilateral financing organisations which include the OPEC Fund, NORSAD Fund, African Development Bank (AfDB) and the Industrial Development Corporation (IDC) of South Africa.
“During the year under review, the organisation signed for a new line of credit with the Taiwan ICDF amounting to E100 million ($10 million) and will be drawn down at the beginning of the next financial year once all conditions precedent have been satisfied.
“The major shareholder, the government of Swaziland, provided a sovereign guarantee for this facility. It shall be disbursed in tranches of firstly E40 million ($4 million), followed by a second tranche of E30 million ($3 million) and a final one of E30 million ($3 million).
The line of credit shall be utilised to expand loan financing to small and medium enterprises (SMEs),” reads the report.
The report says in addition, the corporation has been able to secure funding from local financial institutions like Standard Bank, First National Bank (FNB), the Central Bank of Swaziland (CBS), government, Swaziland National Provident Fund (SNPF), African Alliance and Interneuron Swaziland.
