By Tim Culpan
Sept. 3 (Bloomberg) -- Taiwan’s Cabinet approved a four- year NT$120 billion ($3.6 billion) special budget for reconstruction in areas devastated by the island’s deadliest typhoon in half a century.
The budget, fully funded by debt, allocates NT$41.4 billion this year to rebuild homes, bridges and roads damaged by Typhoon Morakot, the Cabinet said in an e-mailed statement today.
Morakot struck Aug. 6 to Aug. 9, killing more than 600 people and triggering mudslides that buried villages. Almost NT$27 billion of funds will be allocated to the Council of Agriculture to extend credit to farmers and compensate for farming losses, according to the statement.
A total of NT$49 billion is allocated for spending next year, and NT$22.7 billion in 2011, the Cabinet said. NT$21.06 billion will be spent by the transport ministry to repair roads, railways and tourism infrastructure, it said.
To contact the reporter on this story: Tim Culpan in Taipei at tculpan1@bloomberg.net.
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