Taiwan has expressed clarity on Saint Lucia’s EC$54 million loan financing from the Export-Import Bank of the Republic of China (Eximbank) in 2020.
Saint Lucia was able to get funding for the St. Jude Hospital rehabilitation project.
Concerns were raised that the funds were transferred to a private account, but Taiwan’s Central News Agency (CNA) described the country’s Foreign Ministry as maintaining that the loan process was open and in accordance with a contract made with Saint Lucia.
In 2009, a fire devastated Saint Lucia’s St. Jude Hospital.
According to Taiwan Foreign Ministry spokesman Jeff Liu, the then-Saint Lucia government received a US$20 million loan from Eximbank as a result.
The reconstruction project was assigned to Taiwan’s Overseas Engineering and Construction Corp. (OECC).
The OECC is a construction corporation founded by numerous Taiwanese syndicates to handle infrastructure projects funded by the Republic of China (Taiwan) government in the country’s diplomatic allies.
According to Taiwan’s Central News Agency, a spokesman for the Taiwan Foreign Ministry stated that the money might be remitted to OECC’s account in Taipei based on the contract terms after the Saint Lucia government approves the hospital restoration.
According to the spokeswoman, the construction company is willing to disclose all remittance data for the Saint Lucia authorities to analyze.
Prime Minister Philip J. Pierre of Saint Lucia has announced an investigation into how the former United Workers Party (UWP) administration handled the EC$54 million Taiwanese loan financing.
According to a press release issued by Pierre’s office on Friday, there is no proof that the funds were transferred to the Consolidated Fund, as required by the Finance (Administration) Act of Saint Lucia.
According to Taiwan’s Foreign Ministry, Pierre described the situation to the Taiwanese consulate in Saint Lucia.
According to spokesman Jeff Liu, the Saint Lucia PM stated that the government’s action aimed to increase accountability and financial management.
However, Liu added that Pierre suggested that the investigation did not raise any issues about the loan case or the OECC.
Saint Lucia’s United Workers Party stated in a press release last week that the OECC’s bank accounts are in Panama.
