TUVALU WINS DEVELOPMENT LOAN FOR OUTER ISLANDS

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MANILA, Philippines (July 14, 1999 – Radio Australia)---The Manila-based Asian Development Bank has announced the approval of a US$ 4 million soft loan to Tuvalu for use in developing the country’s outer islands.

The bank reports loan proceeds will be used to set up a trust fund managed by an offshore fund manager, with the income stream to be used for projects determined by representatives of the island communities.

The outer islands are adversely affected by migration to the main island of Funafuti, slowing overall national economic growth. At the same time, the growing number of new Funafuti residents is straining the capital’s infrastructure and environment, according to the Bank.

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