According to the MOU signed by Foreign Minister Timothy Yang and EBRD President Thomas Mirow, Taiwan will contribute US$4 million toward the replenishment of the EBRD's technical cooperation fund for 2011-2012.

The other MOU, signed by Mirow and ICDF Secretary-General Tao Wen-lung, will result in Taiwan putting up capital of US$80 million over 10 years for the EBRD's Green Energy Special Fund.

The Green Energy Special Fund was established primarily to provide concessionary financing to help EBRD recipient countries develop LED street lamps and traffic lights, along with urban and environmental infrastructure using technology such as solar photovoltaic power, said Yang.

Mirow, who arrived in Taiwan on April 5 for a three-day visit to meet with government and business leaders, gave a speech later in the day on the state of the world economy in the wake of the global financial crisis that started in late 2008.

His visit also marks the 20th anniversary of Taiwan's cooperation with the EBRD, which is owned by 61 countries and two international institutions and helps build market economies in countries from central Europe to central Asia.

Vice President Vincent Siew said earlier that Taiwan will support the signing of cooperation agreements with the EBRD, despite the administration's tight finances.

Although the country's economy is doing well overall, the government is facing a tough financial situation, Siew said.

“Taiwanese people are rich, but the government is poor,” he said in a meeting with Mirow.