Only formalities remain in $70m loan transfer

The Chinese Government will now need a few more weeks to complete formalities before the transfer of the $70 million EXIM Bank loan is carried out.

Acting Chairman for the Housing Authority, Ratu Jo Nawalowalo said that it is all formalities now between the Fiji and Chinese Government and we will have to wait for all this to be done before the first work of the building proceeds.

Under the loan agreement a chinese company, China Railway will be undertaking construction which was expected to start mid this month however this has been delayed.

The loan, secured early this month with the money to be channelled to the Public Rental Board and Housing Authority for the building of 500 multi units in Raiwai and Raiwaqa and 1500 lots and 350 homes around the Central Division.

The loan will be paid at an interest rate of 2% over the next 25 years however a grace period of 5 years has been given with repayment of the loan starting from 2014.