On Tuesday (28 May) New Zealand, became an original member of the committee after having signed a Memorandum of Agreement (MOA) with the Government of Nauru. The agreement includes an annual contribution to the fund.
New Zealand used the celebration of Nauru’s 50th independence in 2018 to announce an initial contribution to the fund of NZ$ 1 million.
The fund was established on November 6, 2015 to generate future investment earnings that can be used to provide a source of revenue to the Republic of Nauru post-2035, or at a time sooner if determined by the trust fund committee set up to administer the fund.
Last year the intergenerational trust fund exceeded AUD $100 million in fund value after being established in 2015 with contributions from the Government of Nauru and fund development partners including the Asian Development Bank, Australia and Republic of China (Taiwan).
The fund’s objective is to build a reserve capital of $400 million by 2036 to allow the country to continue to invest in education, health, environment, and infrastructure.
Finance Minister David Adeang welcomed and thanked the Government of New Zealand for joining the Nauru Trust Fund and recognised also their earlier valuable contribution in working with Nauru in the design of the fund.