Taiwan has joined an international initiative to help relaunch Ukraine’s private insurance market as part of a wider effort to rebuild its economy, which has been hard hit by the Russian invasion, the Ministry of Foreign Affairs said yesterday.
Taipei signed a joint statement of intent with the European Bank for Reconstruction and Development (ERBD), the EU, Norway, Sweden, Switzerland and Ukraine on Wednesday, the ministry said in a news release.
The war has almost entirely halted the workings of Ukraine’s insurance market, which must be unlocked to private investors if its economy is to recover from the ravages of the conflict, the ministry said.
Photo: Yang Cheng-yu, Taipei Times
Taiwan, Ukraine and other partners agreed that the ERBD should establish the Ukraine Recovery Guarantee Facility to make insurance products available in Ukraine while reducing risks to private insurers involved in the effort, the ministry said.
The nation’s signing of the joint statement attested to Taiwan’s commitment to helping Ukraine, it said.
Taiwan would continue to work with like-minded countries and international organizations in bringing about peace and stability as a responsible member of the world’s democracies and the international community, the ministry said.
In aiding Ukraine’s economic recovery Taipei is demonstrating once again that Taiwan can help, it said.
The nation strives to be a force for good and Taipei is dedicated to providing aid to maintain Ukraine’s economy during the war and post-war reconstruction, it said.
The ERBD, one of the world’s foremost financial institutions for regional development, was formed in 1991 to assist members of the former communist block in developing their economies and transitioning into democratic societies, the ministry said.
Taiwan is a significant partner of the banking institution and has played a role in 400 projects under the ERBD, the ministry said, adding that the International Cooperation and Development Fund has taken part in a slew of financing operations.
Tropical Storm Gaemi strengthened into a typhoon at 2pm yesterday, and could make landfall in Yilan County tomorrow, the Central Weather Administration (CWA) said yesterday. The agency was scheduled to issue a sea warning at 11:30pm yesterday, and could issue a land warning later today. Gaemi was moving north-northwest at 4kph, carrying maximum sustained winds near its center of up to 118.8kph and gusts of 154.8kph. The circumference is forecast to reach eastern Taiwan tomorrow morning, with the center making landfall in Yilan County later that night before departing from the north coast, CWA weather forecaster Kuan Shin-ping (官欣平) said yesterday. Uncertainty remains and
SEA WARNING LIKELY: The storm, named Gaemi, could become a moderate typhoon on Wednesday or Thursday, with the Taipei City Government preparing for flooding A tropical depression east of the Philippines developed into a tropical storm named Gaemi at 2pm yesterday, and was moving toward eastern Taiwan, the Central Weather Administration (CWA) said. Gaemi could begin to affect Taiwan proper on Tuesday, lasting until Friday, and could develop into a moderate typhoon on Wednesday or Thursday, it said. A sea warning for Gaemi could be issued as early as Tuesday morning, it added. Gaemi, the third tropical storm in the Pacific Ocean this typhoon season, is projected to begin moving northwest today, and be closest to Taiwan on Wednesday or Thursday, the agency said. Today, there would likely
DISRUPTIONS: The high-speed rail is to operate as normal, while several airlines either canceled flights or announced early departures or late arrivals Schools and offices in 15 cities and counties are to be closed today due to Typhoon Gaemi, local governments announced last night. The 15 are: Taipei, New Taipei City, Taoyuan, Tainan, Keelung, Hsinchu and Kaohsiung, as well as Yilan, Hualien, Hsinchu, Miaoli, Chiayi, Pingtung, Penghu and Lienchiang counties. People should brace for torrential rainfall brought by the storm, with its center forecast to make landfall on the east coast between tonight and tomorrow morning, the Central Weather Administration (CWA) said. The agency issued a sea warning for the typhoon at 11:30pm on Monday, followed by a land warning at 11:30am yesterday. As of
CASUALTY: A 70-year-old woman was killed by a falling tree in Kaohsiung as the premier warned all government agencies to remain on high alert for the next 24 hours Schools and offices nationwide are to be closed for a second day today as Typhoon Gaemi crosses over the nation, bringing torrential rain and whipping winds. Gaemi was forecast to make landfall late last night. From Tuesday night, its outer band brought substantial rainfall and strong winds to the nation. As of 6:15pm last night, the typhoon’s center was 20km southeast of Hualien County, Central Weather Administration (CWA) data showed. It was moving at 19kph and had a radius of 250km. As of 3pm yesterday, one woman had died, while 58 people were injured, the Central Emergency Operation Center said. The 70-year-old