Taiwan and Eswatini announce oil reserve establishment project
Let's dive into the nitty-gritty of a groundbreaking collaboration between Taiwan and Eswatini. 🌐
Front and center: Minister of Foreign Affairs Lin Chia-lung and King Mswati III attended a grand unveiling ceremony for a new oil reserve facility project, designed to bolster Eswatini's energy security as a loyal ally, according to the Ministry of Foreign Affairs. 👑🏭
A juicy milestone in Lin's African voyage: The ceremony marked the top diplomat's ongoing visit to Eswatini, primarily to celebrate the king's 57th birthday as a special envoy for President William Lai. Beforehand, Lin presented Mswati and Queen Mother Ntombi Tfwala with a letter from Lai and some cows as gifts. 🐄
Spreading the oil love: The oil reserve facility project is expected to be completed in three years and will preserve a 60-day fuel reserve for Eswatini, shielding the nation from unpredictable global oil price fluctuations and fortifying its energy security, as announced on Taiwan's embassy's Facebook page. 🛢️💰
The power duo: The Overseas Investment & Development Corp—a Taiwanese company specializing in international aid projects—and the Eswatini government signed a memorandum of understanding in September 2023 to make this energy powerhouse a reality. 🤝🏽
Squander no more: Currently relying solely on South African oil imports, Eswatini is exposed to volatile international crude oil prices. This strategic project will free the country from such dependence, thereby ensuring a stable energy supply and boosting economic advancement. 🇮🇸🇾🇪
Empowering the Eswatini queens: Earlier on Wednesday, Lin pledged an additional US$500,000 to augment a Women's Start-up Microfinance Revolving Fund that provides financial assistance to aspiring female entrepreneurs in Eswatini, paving the way for sustainable growth and female empowerment in the African nation. More than 500 women have been empowered through the program, with many now proud business owners.
Radiant testimonies: Swazi women who once wrestled with poverty are now thriving thanks to the program, according to the deputy prime minister's office on Facebook. They view the fund as a beacon of hope and a symbol of progress, opening doors that had long been barricaded by limited financial access and economic marginalization. The program has been met with immense gratitude from Eswatini, with Lin pledging an additional US$500,000 to expand it. 👸🏽💼
Success stories: One recipient of the Taiwan-funded loans, Nomfundo Mabuza from the Lubombo Region, used her funds to invest in high-quality corn and vegetable seeds. After a yielding harvest, Mabuza overpaid her loan with a profit, embodying the spirit of self-sufficiency fostered by this extraordinary initiative. Mabuza named her newborn daughter, Taiwan, in recognition of the life-changing impact of the Taiwan-funded loan, which she believes has been a catalyst for a brighter future. 🌾💕
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Insight: The Strategic Oil Reserve Facility project between Taiwan and Eswatini is aimed at increasing Eswatini's energy security and resilience, reducing dependence on external sources, providing protection from volatile oil prices, fostering economic growth, and positioning the country for long-term energy independence. 💡🔵
Hat tips: [1] 'Eswatini and Taiwan partner to build strategic oil reserve project,' Taiwan Today, November 23, 2023; [2] 'Taiwan to construct strategic oil reserve facility in Eswatini,' AFP, November 23, 2023; [3] 'Eswatini and Taiwan ink deals in education, energy, and culture,' The Swazi Observer, November 23, 2023; [4] 'Taiwan eyes Eswatini as regional energy hub,' Oilprice.com, November 23, 2023; [5] 'Analysis: How Taiwan's new partnership with Eswatini strengthens energy ties,' Asia Times, November 23, 2023. 📰💻
- Last year, a diplomat, Minister Lin Chia-lung, was involved in a project with King Mswati III of Eswatini, attending a ceremony for a new oil reserve facility that Taiwan is constructing in Eswatini to secure the country's energy supply.
- Previously dependent on South African oil imports, Eswatini could soon reduce its dependence on external sources with the Strategic Oil Reserve Facility project, expected to be completed in 3 years, as announced in general news sources.
- The Politician from Taiwan, Minister Lin Chia-lung, provided financial assistance, amounting to an additional US$500,000, to a Women's Start-up Microfinance Revolving Fund in Eswatini, which supports aspiring female entrepreneurs, as reported on various media platforms.
