Taiwan and the United States are working together on a new program that will help underserved women in the Indo-Pacific region. The program is called Women’s Livelihood Bond, and it focuses on promoting economic empowerment and sustainable development for women in the region.
At a launch event on Monday, the two sides committed to supporting the Women’s Livelihood Bond Series (WLB Series) managed by the Singapore-based Impact Investment Exchange (IIE). The series is an innovative financial instrument that focuses on both social and financial returns.
The “key credit enhancers” for the WLB are the US International Development Finance Corporation (DFC) and Taiwan’s International Cooperation Development Fund (ICDF). They are planning to raise US$27.7 million for the third tranche of the program (WLB3) which began on December 10 and will last for four years. They are hoping to help between 175,000 to 185,000 women in the region get access to credit.
The top US official in Taiwan -- American Institute in Taiwan (AIT) Director Brent Christensen -- spoke at Monday’s launch. He said that the program shows a joint commitment to shared values and interests. AIT is the de facto US embassy in Taiwan in the absence of formal diplomatic relations.
Taiwan’s foreign minister, Joseph Wu, also spoke at the event on Monday. He said the program underlines Taiwan’s strategic partnership with Washington as well as the government’s efforts to promote its New Southbound Policy.
The New Southbound Policy aims to boost Taiwan’s economic and cultural ties with South Asia, Southeast Asia, New Zealand and Australia. It has been a centerpiece of Tsai’s foreign affairs agenda since she took office in 2016.