December 31, 2018 and 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Deficiency of revenues over expenses ( $ 103,884,979 ) ( $ 72,702,593 )
Adjustments
Adjustments to reconcile profit (loss)
Depreciation 4,608,086 4,886,380
Amortization 6,687,747 6,778,622
Reversal of allowance for bad debts ( 3,514,937 ) ( 14,822,044 )
Written-off of allowance for bad debts - ( 1,284,600 )
Held-to-maturity financial assets - interest amortization 3,629,616 5,791,549
Gain on disposal of investment - ( 9,947,002 )
Loss on disposal of fixed assets 537,344 1,129,270
Financial assets carried at cost-impairment loss 29,380,098
-Changes in assets and liabilities
Receivables ( 11,596,973 ) 5,717,471
Prepayments 2,893,376 3,774,081
Other current assets 57,537,412 4,250,023
Accrued expenses 5,473,097 ( 2,258,250 )
Other payables 642,949 ( 54,400,962 )
Collections payable 11,168 705,990
Other current liabilities 1,451 ( 327,766 )
Other liabilities ( 61,534 ) ( 354,199 )
Cash outflow generated from operations ( 7,656,079 ) ( 123,064,030 )
Net cash flows used in operating activities ( 7,656,079 ) ( 123,064,030 ) CASH FLOWS FROM INVESTING ACTIVITIES
Increase in long-term lending ( 482,233,940 ) ( 13,117,749 )
Proceeds from long-term loans receivable 383,767,326 447,710,346
Proceeds from disposal of available-for-sale financial assets - 67,320,618 Acquisition of held-to-maturity financial assets ( 823,132,090 ) ( 518,208,343 ) Proceeds upon maturity of held-to-maturity financial assets 355,686,545 88,985,388
Acquisition of financial assets carried at cost - ( 405,270,000 )
Withdrawal of financial assets carried at cost 3,274,860 1,302,158
Acquisition of fixed assets ( 4,406,102 ) ( 2,598,163 )
Proceeds from disposal of fixed assets - 507,485
(Increase) decrease in deposits-out ( 23,250 ) 354,649
Increase in deferred assets ( 1,466,900 ) ( 3,298,345 )
Net cash flows used in investing activities ( 568,533,551 ) ( 336,311,956 ) CASH FLOWS FROM FINANCING ACTIVITIES
(Decrease) increase in deposits-in ( 2,508,500 ) 365,500
Net cash flows (used in) from financing activities ( 2,508,500 ) 365,500
Net decrease in cash and cash equivalents ( 578,698,130 ) ( 459,010,486 )
Cash and cash equivalents at beginning of year 6,415,799,711 6,874,810,197
Cash and cash equivalents at end of year $ 5,837,101,581 $ 6,415,799,711
The accompanying notes are an integral part of these financial statements.
For the Years Ended December 31, 2018 and 2017
(Expressed in New Taiwan dollars)
(12) Impairment of Non-financial Assets
TaiwanICDF recognizes impairment loss when there is indication that the recoverable amount of an asset is less than its book value. The recoverable amount is the higher of the fair value less costs to sell and value in use. The fair value less costs to sell is the amount obtainable from the sale of the asset in an arm’s length transaction after deducting any direct incremental disposal costs. The value in use is the present value of estimated future cash flows to be derived from continuing use of the asset and from its disposal at the end of its useful life. When the impairment no longer exists, the impairment loss recognized in prior years may be recovered.
(13) Retirement Plan
A. TaiwanICDF had a non-contributory pension plan originally, covering all regular employees, which was defined by the Fund. TaiwanICDF contributed monthly an amount based on 7% of the employees’
monthly salaries and wages to the retirement fund deposited with a financial institution. This fund balance was not reflected in the financial statements. Effective September 1, 2009, TaiwanICDF has established a funded defined contribution pension plan (the “New Plan”) under the Labor Pension Act. Under the New Plan, TaiwanICDF contributes monthly an amount based on 7% of the payroll grades corresponding to the employees’ monthly salaries and wages to the employees’ individual pension accounts at the Bureau of Labor Insurance. No further contributions are made to TaiwanICDF’s retirement fund.
B. Under the defined contribution pension plan, net periodic pension costs are recognized as incurred.
(14) Income Tax
Income tax is accounted in accordance with the Standard for Non-profit Organizations Exempt from Income Tax promulgated by the Executive Yuan, and Statement of Financial Accounting Standards. Under- or over-provision of income tax in the previous year is accounted for as an adjustment of income tax expense in the current year.
(15) Reserve for Contingencies of Guarantee Loss
TaiwanICDF issues guarantees for private enterprises to secure loans in compliance with the Regulation for TaiwanICDF in Providing Guarantee for Credit Facilities Extended to Private Enterprises which invest in Countries with Formal Diplomatic Relationships promulgated by the MOFA. The reserve is accrued in accordance with the Regulation for TaiwanICDF Dealings with Past-Due/Non-Performing Loans and Bad Debts.
(16) Revenues, Costs and Expenses
Revenues (including government donations) are recognized when the earning process is substantially completed and is realized or realizable. Costs and expenses are recognized as incurred.
(17) Use of Estimates
The preparation of financial statements in conformity with Statement of Financial Accounting Standards requires management to make estimates and assumptions that affect the amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses during the reporting period. Actual results could differ from those assumptions and estimates.
(18) Settlement Date Accounting
TaiwanICDF adopted settlement date accounting for the financial assets. For financial asset or financial liability classified as at fair value through profit or loss, the change in fair value is recognized in profit or loss.
3. CHANGES IN ACCOUNTING PRINCIPLES
None.
(d) Liabilities for which the repayment date cannot be extended unconditionally to more than twelve months after the balance sheet date.
(4) Cash Equivalents
Cash and cash equivalents include cash on hand and in banks, and other short-term highly liquid investments, which are readily convertible to a fixed amount of cash and which are subject to insignificant risk of changes in value resulting from fluctuations in interest rates.
(5) Allowance for Uncollectible Accounts
The provision of reserve for bad debts is made based on their risk levels in accordance with the Regulation for TaiwanICDF Dealings with Past Due/Non-Performing Loans and Bad Debts.
(6) Financial Assets and Financial Liabilities at Fair Value through Profit or Loss
A. Investments in equity instruments are accounted for using trade date accounting. Investments in debt instruments are accounted for using settlement date accounting, and are measured initially at the fair value of the debt instruments.
B. Listed stocks and exchange traded funds are measured at their fair value, and the changes in the fair value are included in profit or loss. The fair value of the listed stocks and exchange traded funds is their closing price at the balance sheet date.
(7) Available-for-Sale Financial Assets
A. Investments in equity instruments are accounted for using trade date accounting. Investments in debt instruments are accounted for using settlement date accounting, and are measured initially at the fair value of the debt instruments. Market value of available-for-sale financial assets is the fair value plus increasing price.
B. Available-for-sale financial assets are evaluated by fair value. Moreover, value changes are recognized into the adjusted net value. The accumulated gain or loss is recognized in net income or loss when the financial assets are sold. Index stock fund is evaluated by fair value based on the closing prices at the balance sheet date.
C. If there is objective evidence of impairment, the accumulated loss previously recognized in net value is reclassified to profit or loss. If the fair value of equity instrument subsequently increases, the impairment loss is reversed to net value.
(8) Held-to-maturity Financial Assets
A. Held-to-maturity financial assets are recorded using settlement date accounting and are stated initially at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.
B. Held-to-maturity financial assets are recorded at amortized cost.
C. If there is any objective evidence that the financial asset is impaired, the impairment loss is recognized in profit or loss. If the fair value of the financial asset subsequently increases and the increase can be objectively related to an event occurring after the impairment loss was recognized in profit or loss, the impairment loss shall be reversed to the extent of the loss previously recognized in profit or loss.
(9) Financial Assets Carried at Cost
Financial assets carried at cost are recorded at cost. If there is any objective evidence that the financial asset is impaired, the impairment loss is recognized in profit or loss and is no longer recoverable.
(10) Long-term Loans Receivable
Foreign currency loans are stated at historical exchange rates.
(11) Fixed Assets
Fixed assets are stated at cost. Major improvements and renewals are capitalized and depreciated accordingly. Maintenance and repairs are expensed as incurred. When assets are disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is credited or charged to income.Depreciation is provided under the straight-line method based on the assets’ estimated economic service lives. The service lives of the major fixed assets are 3 to 10 years.
8. LONG-TERM LOANS RECEIVABLE
December 31, 2018 December 31, 2017 Current items
Current portion of long-term loans receivable $ 234,429,930 $ 300,755,549
Less: Allowance for doubtful accounts ( 8,522,278 ) ( 8,928,999 )
Net $ 225,907,652 $ 291,826,550
Non-current items
Long-term loans receivable $ 3,013,227,038 $ 2,848,434,805
Less: Allowance for doubtful accounts ( 63,480,157 ) ( 66,603,290 )
Net $ 2,949,746,881 $ 2,781,831,515
Total $ 3,175,654,533 $ 3,073,658,065
(1) TaiwanICDF provides long-term loans in accordance with the Regulations for Loans by the International Cooperation and Development Fund as approved by the Executive Yuan. As of December 31, 2018 and 2017, the total outstanding loans denominated in U.S. dollars, Australia dollars and Euro dollars amounted to US$60,104,801.31, AU$20,227,983, €20,837,674.52 and US$56,538,680.82, AU$20,227,983 and €20,837,674.52, respectively.
(2) Allowances for doubtful accounts were based on the Regulation for TaiwanICDF Dealings with Past Due/Non-Performing Loans and Bad Debts.
(3) As Parque Industrial Oriente S.A. (PIO) defaulted on the loan extended for the Industrial Park Development Project in Paraguay amounting to US$11,003,488.32, TaiwanICDF filed a legal claim against PIO on September 1, 2003.
The court in Ciudad del Este ruled in favor of TaiwanICDF in the first trial on March 26, 2004. PIO filed an appeal, which was rejected. Accordingly, it was proposed that the Industrial Park be auctioned off. Under TaiwanICDF's 51st board resolution, TaiwanICDF has agreed, under a term of 20 years, for MOFA to repay the remaining loan balance. Although the MOFA agreed to pay off the remaining balance annually for 3 years beginning 2012 on December 13, 2012, payments of only US$3,293,162.77 and US$400,000 were made in years 2012 and 2013, respectively. The MOFA stated in a letter dated on April 16, 2014 that there were no budgets made by MOFA for the payments for year 2014. However, the installments would resume starting from 2015 through annual budgets.
There were no payments made by MOFA for year 2014, and payments of US$500,000 were made in years 2015 to 2018. As of December 31, 2018, the MOFA had repaid US$7,793,162.77 and the remaining balance was US$3,210,325.55.
(4) There was no significant past due loan as of December 31, 2018 and 2017.
(5) See Appendix 1 for the statement of changes in long-term loans for the year ended December 31, 2018.
4. CASH AND CASH EQUIVALENTS
December 31, 2018 December 31, 2017
Petty cash $ 110,000 $ 110,000
Demand deposits 178,021,866 455,374,251
Time deposits 5,558,969,715 5,960,315,460
Cash equivalents
- Bonds purchased under resale agreements 100,000,000
-Total $ 5,837,101,581 $ 6,415,799,711
5. AVAILABLE-FOR-SALE FINANCIAL ASSETS – NON-CURRENT
(1) The disposal of available-for-sale financial assets are recognised as current gains as shown below:
For the years ended December 31
2018 2017
Proceeds from sale of available-for-sale financial assets $ - $ 67,320,618
Book value - ( 57,373,616 )
$ - $ 9,947,002
(2) The fair values of investment in exchange traded funds are based on the closing price in market on balance sheet date.
6. HELD-TO-MATURITY FINANCIAL ASSETS
December 31, 2018 December 31, 2017 Current items
Corporate bonds $ 387,517,911 $ 355,186,476
Non-current items
Corporate bonds $ 3,747,688,566 $ 3,508,529,931
Government bonds 281,932,870 92,828,698
$ 4,029,621,436 $ 3,601,358,629
7. OTHER RECEIVABLES
December 31, 2018 December 31, 2017
Interest receivable $ 101,992,541 $ 95,613,474
Retained money receivable on completed projects 27,498,784 11,008,809
Other receivable 8,981,744 542,151
138,473,069 107,164,434
Less: Allowance for doubtful accounts ( 590,331 ) ( 575,414 )
$ 137,882,738 $ 106,589,020
10. FIXED ASSETS
December 31, 2018
Cost Accumulated
Depreciation Net Book Value
Mechanical equipment $ 37,035,686 $ 21,446,843 $ 15,588,843
Communication & transportation equipment 3,565,597 2,191,342 1,374,255
Miscellaneous equipment 5,251,345 3,055,767 2,195,578
Leasehold improvements 3,857,054 2,970,559 886,495
$ 49,709,682 $ 29,664,511 $ 20,045,171
December 31, 2017
Cost Accumulated
Depreciation Net Book Value
Mechanical equipment $ 35,492,832 $ 20,029,243 $ 15,463,589
Communication & transportation equipment 3,489,497 1,892,944 1,596,553
Miscellaneous equipment 5,234,553 2,673,116 2,561,437
Leasehold improvements 3,857,054 2,694,134 1,162,920
$ 48,073,936 $ 27,289,437 $ 20,784,499
See Appendix 3 for the statement of changes in fixed assets for the year ended December 31, 2018.
11. PAYABLES
December 31, 2018 December 31, 2017
Accrued expenses $ 40,536,164 $ 35,063,067
Retained money payable on completed projects 69,527,279 31,509,825
Other payables 19,657,419 19,014,470
$ 129,720,862 $ 85,587,362
9. FINANCIAL ASSETS CARRIED AT COST
As of December 31, 2018 and 2017, the details of financial assets at cost are as follows:
Items December 31, 2018 December 31, 2017
Carrying Amount Ownership Carrying Amount Ownership Equity investments accounted for using cost method:
Overseas Investment & Development
Corporation $ 175,000,000 19.44% $ 175,000,000 19.44%
Less: Accumulated Impairment ( 6,000,000 ) ( 6,000,000 )
169,000,000 169,000,000
BTS India Private Equity Fund Limited 120,516,315 6.80% 123,791,175 6.80%
( =US$ 3,857,799 ) ( =US$ 3,966,643 )
Less: Accumulated Impairment ( 96,162,718 ) ( 91,859,099 )
( =US$ 3,135,340 ) ( =US$ 2,995,225 )
24,353,597 31,932,076
Taiwan's Agricultural Development
Corporation 20,000,000 8.33% 20,000,000 8.33%
Less: Accumulated Impairment ( 6,910,615 )
-13,089,385 20,000,000
Net 206,442,982 220,932,076
International institution investment fund:
FIISF
-Small Business Account-Phase III 922,210,000 922,210,000
( =US$ 30,000,000 ) ( =US$ 30,000,000 )
-Agribusiness Account 474,630,000 474,630,000
( =US$ 15,000,000 ) ( =US$ 15,000,000 )
Less: Accumulated Impairment ( 18,165,864 )
-( =US$ 591,433 ) ( =US$ - )
1,378,674,136 1,396,840,000
Specialized Financial Intermediary
Development Fund 476,300,000 476,300,000
( =US$ 15,000,000 ) ( =US$ 15,000,000 )
Net 1,854,974,136 1,873,140,000
Total $ 2,061,417,118 $ 2,094,072,076
(1) TaiwanICDF engaged the EBRD to manage the FIISF-Small Business Account III and to jointly provide funds for investments and loans in small businesses. Under the agreement, the total investment amount was US$20,000,000. In this issue, the Financial Intermediary Investment Special Fund (FIISF)-Small Business Account II was incorporated into the Financial Intermediary Investment Special Fund (FIISF)-Small Business Account III.
TaiwanICDF’s accumulated contribution amounted to US$30,000,000 as of December 31, 2018 and 2017.
(2) TaiwanICDF engaged the Multilateral Investment Fund (MIF), which belongs to the Inter-American Development Bank Group, to manage the Specialized Financial Intermediary Development Fund, a financing vehicle co-established by the said two parties. MIF uses its own resources and the fund’s resources on a pari-passu basis to directly or indirectly invest in, or make loans to well-performing microfinance institutions. Under the agreement, the total investment amount was US$15,000,000, and TaiwanICDF’s accumulated contribution to the fund amounted to US$15,000,000 as of December 31, 2018 and 2017.
(3) TaiwanICDF engaged the Foundation commissioned EBRD for processing EBRD Financial Intermediary and Private Enterprises Investment Special Fund- Agribusiness Account, and promoting agriculture business in joint venture with EBRD. Under the agreement, the total investment amount was US$15,000,000, and TaiwanICDF’s accumulated contribution to the fund amounted to US$15,000,000 as of December 31, 2018 and 2017.
(4) The above listed foreign currency investments projects are stated using the historical exchange rate.
(5) See Appendix 2 for the statement of changes in financial assets carried at cost for the year ended December 31, 2018.
16. OTHER REVENUES
For the years ended December 31
2018 2017
Reversal of allowance for doubtful accounts $ 3,514,937 $ 14,822,044
Subsidy and donation income 4,534,050 1,595,279
Others 4,401,471 5,484,341
$ 12,450,458 $ 21,901,664
17. RETIREMENT FUNDS
(1) TaiwanICDF contributes monthly an amount based on seven percent of the employees’ remuneration and deposits it with a financial institution. This fund balance is not reflected in the financial statements. The fund balance with financial institution were $97,437,497 and $94,130,724 as of December 31, 2018 and 2017, respectively.
(2) The details of employees’ retirement funds allocated by TaiwanICDF are as follows:
For the years ended December 31
2018 2017
Balance at the beginning of the year $ 94,130,724 $ 97,028,704
Interest income 980,565 1,094,161
Contribution during the year 2,326,208
-Payments during the year - ( 3,992,141 )
Balance at the end of the year $ 97,437,497 $ 94,130,724
(3) Effective September 1, 2009, TaiwanICDF has been the entity covered by the Labor Standards Law and has adopted the following two schemes:
Scheme A: the pension and severance obligation are settled and the settled amounts are transferred to TaiwanICDF’s retirement fund deposited with the financial institution. The employees may claim pension benefits when they retire or reach 55 years old or upon their death.
Scheme B: the pension and severance obligation are not settled and the old pension plan is extended.
Accordingly, TaiwanICDF recognized an accrued pension reserve of $16,014,156 for the excess of present value of pension benefits for the past and future service years under the old pension plan over the fair value of the pension fund at the measurement date, September 1, 2009 and contributed the amount to the account in 2010.
(4) Effective September 1, 2009, TaiwanICDF has established a funded defined contribution pension plan (the “New Plan”) under the Labor Pension Act. Under the New Plan, TaiwanICDF contributes monthly depending on the contribution grades an amount based on 7% of the payroll grades corresponding to the employees’ monthly salaries and wages to the employees’ individual pension accounts at the Bureau of Labor Insurance. The benefits accrued in the employees’ individual pension accounts could be received in full or in monthly installments when the employees retire. The pension costs under the New Plan for the years ended December 31, 2018 and 2017 amounted to $10,288,317 and $6,697,747, respectively.
12. CONTRACTED PROJECT EXPENSES
For the years ended December 31
2018 2017
Personnel expenses $ 424,192,427 $ 425,429,683
Operating expenses 681,147,464 531,202,007
Travel and transportation expense 45,240,798 51,174,433
Equipment investment expense 106,396,486 55,055,680
Total $ 1,256,977,175 $ 1,062,861,803
13. INCOME TAX
Activities and related expenses of TaiwanICDF are in compliance with “Standard for Non-profit Organizations Exempt from Income Tax”. Accordingly, TaiwanICDF is exempt from income tax. The income tax returns through 2016 have been assessed and approved by the Tax Authority.
14. FUNDS
December 31, 2018 December 31, 2017
Founding Fund $ 11,614,338,576 $ 11,614,338,576
Donated Fund 854,499,496 854,499,496
$ 12,468,838,072 $ 12,468,838,072
(1) The founding fund balance of $11,614,338,576 (Total assets of $11,634,131,427 less total liabilites of $19,792,851) was derived from the closure of the IECDF management committee on June 30, 1996. In the official registration with the court, the total property value filed as $11,634,131,427 was based on the closing balance of assets of the IECDF management committee. TaiwanICDF applied the change for the registration of total amount of the assets to $15,722,566,420 to the court on September 5, 2018, and there was no change as of December 31, 2018.
(2) The donated fund of TaiwanICDF consisted of the following items:
A. The amount of $4,423,541 from MOFA’s Committee of International Technical Cooperation (CITC) was consolidated in TaiwanICDF on July 1, 1997.
B. The amount of $600,000,000 was donated by the MOFA on January 16, 1999.
C. The MOFA provided the amount of $250,075,955 on December 31, 2001 under the Regulation for TaiwanICDF in Providing Guarantee for Credit Facilities Extended to Private Enterprises Which Invest in Countries with Formal Diplomatic Relationships. TaiwanICDF had fulfilled the obligations of the guarantee amounting to
$152,665,834 as of December 31, 2018.
15. ACCUMULATED EARNINGS
TaiwanICDF is registered as a consortium juridical person with the aim of strengthening international cooperation and enhancing foreign relations by promoting economic development, social progress and the welfare of the people in partner nations around the world. As TaiwanICDF is a non-profit organization, distribution of income is not permitted in accordance with its Articles of Association.
20. PROPERTIES UNDER CUSTODIANSHIP
(1) The government has placed certain assets under TaiwanICDF’s custodianship and management. These properties are entered into memo accounts: “Properties under Custodianship” and “Custodianship Property Payable”.
The properties under custodianship were accounted for at cost. Expenditures for major procurement, renewals and improvements were debited to “Properties under Custodianship” and credited to “Custodianship Property Payable”. Moreover, the repairs and maintenance expenditures shall be treated as revenues and expenditures of these projects. Upon disposal, the cost was deducted from the book amount. As of December 31, 2018 and 2017, the book value of fixed assets under custodianship was $305,170,397 and $247,362,094, respectively. In addition, as of December 31, 2018 and 2017, the reserve for severance pay for personnel stationed abroad in charge of the government’s assignments, which were administered by TaiwanICDF on behalf of government and for contracted assistants of TaiwanICDF amounted to $32,122,207 and $35,356,589, respectively.
(2) The MOFA has engaged TaiwanICDF to manage the Central American Economic Development Fund (ROC-CAEDF). As of December 31, 2018 and 2017, the total amount of ROC-CAEDF was $7,940,072,590 and
$7,599,139,025, respectively, and the details of the financial assets of the ROC-CAEDF are as follows:
December 31, 2018
US$ NT$
Demand deposits $ 1,305,714.00 $ 40,105,005
Time deposits 240,411,254.28 7,384,231,673
Interest receivable 4,474,955.08 137,446,743
Prepaid expenses 225,468.91 6,953,461
Corporate bonds 12,137,425.66 371,335,708
$ 258,554,817.93 $ 7,940,072,590
December 31, 2017
US$ NT$
Demand deposits $ 688,062.61 $ 20,476,743
Time deposits 251,416,631.69 7,482,158,959
Interest receivable 3,019,672.41 89,865,451
Prepaid expenses 221,299.28 6,637,872
$ 255,345,665.99 $ 7,599,139,025
18. PERSONNEL EXPENSES, DEPRECIATION AND AMORTIZATION
For the years ended December 31
2018 2017
Personnel expenses
Salaries $ 126,523,918 $ 120,967,394
Labor and health insurance 11,025,998 10,800,351
Pension 10,288,317 6,697,747
Others 5,326,113 5,570,448
$ 153,164,346 $ 144,035,940
Depreciation $ 4,608,086 $ 4,886,380
Amortization $ 6,687,747 $ 6,778,622
19. COMMITMENTS AND CONTINGENCIES
(1) Pursuant to the Regulations for Loans by the International Cooperation and Development Fund, the loan amount in U.S. dollars under the loan agreements entered into by TaiwanICDF amounted to US$194,474,578.92 and US$225,909,063.81 as of December 31, 2018 and 2017, respectively. The total amount of loans drawn down amounted to US$141,274,789.48 and US$177,543,067.09, and the undisbursed committed balance amounted to US$53,199,789.44 and US$48,365,996.72 as of December 31, 2018 and 2017, respectively. Additionally, the loan amount in Euro dollars amounted to €56,553,755.54 as of December 31, 2018 and 2017. The total amount of loans drawn down amounted to €20,837,674.52, and the undisbursed committed balance amounted to€35,716,081.02 as of December 31, 2018 and 2017. Moreover, the loan amount in Australia dollars amounted to AU$20,227,983.00 as of December 31, 2018 and 2017. The total amount of loans drawn down amounted to AU$20,227,983.00, and the undisbursed committed balance amounted to AU$0 as of December 31, 2018 and 2017.
(2) Pursuant to the Regulations for Investments by the International Cooperation and Development Fund, the committed amounts denominated in U.S. dollars under the outstanding contracts entered into by TaiwanICDF
(2) Pursuant to the Regulations for Investments by the International Cooperation and Development Fund, the committed amounts denominated in U.S. dollars under the outstanding contracts entered into by TaiwanICDF