TAIPEI, Taiwan - Taiwan's cabinet on Thursday approved a plan to invest nearly T$4 trillion (S$171.6 billion) in major infrastructure projects, as part of efforts to boost the island's economy.

The government would allocate T$2.79 trillion on 12 "Love Taiwan" infrastructure projects, including the expansion of an international airport in 2009-2016, while another T$1.2 trillion would come from the private sector, the cabinet said in a statement.

Taiwan President Ma Ying-joeu unveiled the "Love Taiwan" project in his campaign to run for the presidency last year.

Taiwan's is still in recession, but the island's economy is widely expected to show annual growth from the fourth quarter of this year following growth in exports.

Taiwan's statistics agency is set to release third-quarter GDP data later on Thursday.

It forecast in August that GDP would grow at an annual 3.92 percent next year after a 4 percent contraction this year.

Taiwan is set next month to finalise the amount of government bonds it plans to issue next year, with a budget likely below this year's level.