13 May 2008

Cooks awaits Chinese response to mini games loan query

2:05 pm on 13 May 2008

The Cook Islands government is still waiting for a reply from the Chinese government regarding a soft loan to build a stadium for the Mini Games.

The China Import Export Bank has issued an ultimatum to the Cook Islands, threatening to withdraw the 13 million US dollars soft loan that will fund a stadium for next year's games.

The minister of the Cook Islands Investment Corporation, Tangata Vavia, says he spoke to Chinese officials in Wellington last week about the issue.

"Because of the changes that we have made to the plan and the amount to the loan, the Chinese bank required us to send those documents over to them. We've done that last week and we're waiting for the outcome."

Tangata Vavia says he's confident that the Chinese Bank will give its approval to the plan soon and that construction work will start as planned in July.