FIJI AWAITS $70 MILLION CHINA LOAN

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Funds to target housing projects

SUVA, Fiji (Fiji Times, Jan. 28, 2010) – [A US$70 million] Housing Authority loan from China could be finalized by this week, Fiji Lieutenant Colonel Pio Tikoduadua said.

This is after almost six months since the organization launched its application.

Lieutenant Colonel Tikoduadua said there was some paperwork left to be signed by the Chinese and Fijian governments, which should be completed either this week or next week.

The FJ$35 million [US$18 million] loan will fund the Tacirua East, Raiwaqa and Raiwai developments, which is part of the authority's five-year plan.

The HA had planned a FJ$189.43 million [US$97.42 million] development for the next five years while development projects were already carried out in Wainibuku, Nasinu, outside Suva.

In August, the HA sold FJ$7 million worth of bonds as it tried to secure funding for its developments.

The Chinese loan totaled FJ$70 million, of which FJ$35 million would be for Tacirua East development and FJ$20 million for the construction of Public Rental Board homes.

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