The Housing Authority has today confirmed that the Exim Bank of China has approved the 70 million dollars loan for the authority and Public Rental Board based on the condition that a company from China carries out all the works.
Acting Housing Authority Chairman, Ratu Josateki Nawalowalo said the soft loan with an interest rate of 2 percent will see the Housing Authority getting 50 million dollars and PRB getting 20 million dollars.
Nawalowalo clarifies that they will not receive the actual 70 million as the contract has already been awarded to a company called China Railway.
Nawalowalo said they are hoping that the Fiji and Chinese governments, the Housing Authority, PRB, Exim Bank of China and China Railway Company sign off the contracts by the end of the month.
Through the Exim Bank China loan, the Housing Authority is planning to develop 1,500 blocks and build 350 houses in Tacirua while the PRB is planning to build 500 multi unit flats in Raiwai and Raiwaqa for low income earners.
Nawalowalo said they are fortunate that the government has guaranteed the loan from China.
Feature
$70m loan approved
