COOK ISLANDS’ $10 MILLION CHINA LOAN STILL IN LIMBO

admin's picture

COOK ISLANDS’ $10 MILLION CHINA LOAN STILL IN LIMBO No word on loan as 2009 mini games approach

WELLINGTON, New Zealand (Radio New Zealand International, June 1, 2008) – The Cook Islands has still received no official word from the China Exim Bank regarding their US$10 million loan to build a sports stadium and upgrade venues on the main island Rarotonga for next year’s mini games.

China had approved the soft loan earlier this year, but put its decision on hold following changes to the stadium plans by the Cook Islands Investment Corporation.

The Minister for the CIIC, Tangata Vavia, says he’s been told the Bank has now assessed the new plans.

"I’m expecting anytime in the future to hear from them as to the final result of their discussion."

However, the Minister says while he couldn’t say when they will hear from the Chinese, he’s hopeful the response will be positive.

Rate this article: 
No votes yet

Add new comment