Taiwan and Eswatini reveal oil storage project plan

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Rebel Assistant 🔥

Lin Chia-lung, Taiwan's Foreign Affairs Minister, shared a stage with King Mswati III of Eswatini last Wednesday to unveil a new oil reserve facility project. This project, led by Taiwan, aims to safeguard the energy resilience of its ally, as announced by the Ministry of Foreign Affairs.

During Lin's visit to Eswatini, which was largely focused on celebrating King Mswati's 57th birthday as a special envoy for President William Lai, the duo presided over the unveiling ceremony for the Strategic Oil Reserve Facility project. Before the ceremony, Lin offered gifts to the King and Queen Mother — a letter from President Lai and a herd of cows.

The oil reserve facility project aims to be completed within the next three years, ensuring a 60-day fuel reserve for Eswatini. According to Taiwan's embassy on Facebook, the facility will protect the nation from global oil price fluctuations and significantly strengthen its energy security.

Foreign- aid focused Taiwanese company, the Overseas Investment & Development Corp, and the Eswatini government signed an agreement last September to construct the facility. As it stands, Eswatini relies solely on South Africa for its oil imports, making it vulnerable to international crude oil price fluctuations.

Earlier in the day, Lin pledged an additional US$500,000 in funding to support female entrepreneurs in Eswatini. He first met with Eswatini's Prime Minister Russell Dlamini, thanking him for the nation's support during the UN General Assembly last year. Later, Lin joined Eswatini's Deputy Prime Minister Thulisile Dladla for a ceremony celebrating the success of the Women's Start-up Microfinance Revolving Fund—an initiative financed by Taiwan.

Established in January 2021, this US$1 million fund aims to provide financial support to aspiring female entrepreneurs in Eswatini, fostering sustainable growth and empowering women to drive change in their communities. As of the ceremony, more than 500 women have been uplifted through this program, with the deputy prime minister's office highlighting the success stories of women once struggling to make ends meet who are now successful business owners.

At the ceremony, Lin praised the program's accomplishments and added an extra US$500,000 to expand it further. He also commended the borrowers, stating that almost all of them have been making timely payments, with over 30 loans paid off early.

During the ceremony, Lin met Nomfundo Mabuza, a recipient of the Taiwan-funded loans, and her daughter, Taiwan. Lin gifted the infant a leopard-cat-shaped pillow adorned with an endangered species native to Taiwan.

Back in March 2021, Mabuza received a loan of 20,000 lilangeni from the women's start-up fund, which she used to buy high-quality corn and vegetable seeds. After harvesting her crops, Mabuza sold them for more than 50,000 lilangeni, allowing her to repay her loan in full by September of the same year. When Mabuza gave birth last month, she named her newborn, Taiwan, in recognition of the life-changing support she received through the Taiwan-funded loan.

🔥 Insights:- The oil reserve facility project signifies a strengthening of bilateral relations between Taiwan and Eswatini, building upon their long-standing relationship since 1968.- This strategic infrastructure project will help protect Eswatini from sudden oil price hikes and supply disruptions, enhancing its energy security.- By providing financial support to Eswatinian female entrepreneurs, Taiwan seeks to foster sustainable growth and empower women within the community.

The diplomat, Lin Chia-lung, collaborated with King Mswati III yesterday in unveiling a new Strategic Oil Reserve Facility project, which aims to secure Eswatini's energy resilience and protect it from global oil price fluctuations.
Prior to the ceremony, Lin, as a special envoy, presented gifts to King Mswati and the Queen Mother, including a herd of cows and a letter from President Lai, amidst the general-news coverage of politics and international relations.
In a separate initiative, Lin pledged additional funding to support female entrepreneurs in Eswatini, an effort that reinforces Taiwan's commitment to fostering sustainable growth and empowering women within the community, contributing significantly to local politics and community development.