The Cook Islands Cabinet has given approval for the Government to apply for a concessional loan of nearly 25 million US dollars from China's Export-Import Bank.
The loan will be used to fund much needed infrastructure projects and upgrading which includes the Rarotonga water supply network and the rehabilitating and upgrading of all roads on Rarotonga.
The Ministry of Finance has been charged by Cabinet with ensuring measures are in place to reduce any foreign exchange risk with the loan.
Its also understood that the Minister of Finance, Sir Terepai Maoate, who has been spearheading infrastructure projects will be leading a delegation to meet with the Chinese Ambassador to New Zealand to discuss drawing down on grants promised by Beijing to fund various critical projects for the Cook Islands.
