SEPIK VILLAGE HOSTS CHINESE FUNDED VENEER PROJECT

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PORT MORESBY, Papua New Guinea (September 25, 2001 - Post-Courier/PINA Nius Online)---The people of Yawasoro Village outside of Wewak Town, East Sepik, will host the province’s K 29.8 million (US$ 8,567,500) Heybridge veneer factory funded by the Peoples Republic of China.

This was affirmed in a ceremonial groundbreaking by Chinese Ambassador to Papua New Guinea Zhao Zhenyu and East Sepik Governor Arthur Somare amidst singsings and dances.

Mr. Zhao said the Heybridge Veneer Project is one of three projects under the framework agreement signed in 1996 between the Chinese government and the Papua New Guinea government.

It was financed by a subsided loan provided by the Exim Bank of China.

"With a total investment of US$ 8.6 million, this factory is expected to have a production capacity of 30,000 cubic meters of dried veneer annually. And it will create job opportunities for about 300 Papua New Guineans," he said.

Governor Somare said the veneer project is part of a package that includes a sawmill project and a coconut-activated carbon factory (to be used to purify water) and logging operations to bring in the timber. He said these would create 700 new jobs in the province.

For additional reports from The Post-Courier, go to PACIFIC ISLANDS REPORT News/Information Links: Newspapers/The Post-Courier (Papua New Guinea).

Pacific Islands News Association (PINA) Website: http://www.pinanius.org 

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