TAIPEI (Taiwan News) — Honduras owes Taiwan more than US$400 million (NT$13.8 billion) despite cutting diplomatic relations last March.

The Central American country has a debt of US$449 million with Taiwan, US$3.3 million of which is owed to the Land Bank of Taiwan, La Prensa reported. The debts began accruing in 1999.

Taiwan provided the funds for Honduras to spend on house reconstruction programs, school infrastructure, school meals, and the Better Life Voucher program (Bono Vida Mejor).

Honduras maintained diplomatic relations with Taiwan for 82 years before establishing ties with China, in the hope of "greater economic support and loans" from Beijing, per La Prensa. However, expectations for better tariff benefits, particularly in the shrimp industry, have been dashed as China fell short of its economic promises.

National Aquaculturists Association of Honduras Executive Director Javier Amador said Honduras has not been able to secure markets with favorable prices like Taiwan, according to Now News.

He said China only offered 50% of the prices Taiwan had afforded to Honduras, resulting in a loss of US$15 million in foreign exchange and at least 10,000 job opportunities since last March. Several shrimp farms have already closed down, Amador said.

Shrimp farmer Catalino Canales criticized China's promises as "empty," saying everything has been in decline since breaking ties with Taiwan, per Now News. Canales emphasized that packaging factories are the most affected, with warehouses full of products but unable to sell. Taiwan used to comprise up to 70%-80% of Honduras' shrimp exports, he said.