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September 27, 2007

Tuvalu Trust Fund celebrates its 20th birthday

By Silafaga Lalua

It has existed for 20 years and Tuvalu Trust Fund has a reason to celebrate this 20th birthday.

Established on the first of October 1987 with the help of donor partners like England, New Zealand and Australia, the Fund has earned an impressive 65.7 million dollars, at a rate of 6.2 % per annum for 20 years as at June 30th 2007.

Secretary of the Fund Talavai Iona told Tuvalu news that from the 65.7 million, 24.1 has gone into the government’s budget, 29.2 has been reinvested while the left over 12.4 million dollars remains in the Fund’s reserve account.

He says the Fund’s birthday will be celebrated together with the 29th Anniversary of the country’s independence on Monday next week.

He says the profile of the Fund these past 20 years will be launched on Monday morning after the parade and during a brunch to be hosted by the government.

The Fund’s current donor partners include New Zealand, Australia, South Korea and Japan but there also a few potential contributors to the Fund that Iona says have all been invited to join in celebrations of the Fund’s birthday.

Iona further says that on Monday night, the Tuvalu Trust Fund chairman Minister of finance Hon Lotoala Metia will host a dinner in commemoration of the Fund’s 20th birthday.

Ends