18 Feb 2008

Relief funding finally sorted for 2009 Pacific Mini Games in the Cook Islands

10:29 am on 18 February 2008

There is relief in the Cook Islands that funding for the 2009 Pacific Mini Games has finally been decided.

The Minister of Finance, Sir Terepai Maoate, has formally signed an application on behalf of the Government for a US$10 million loan from the Export and Import Bank of China.

Megan Whelan reports.

"The application for the loan is at a two-per cent interest rate over 20 years, and a five-year grace period with just interest repayments is one of the conditions."

The loan will be used to finance a multi-purpose indoor sports stadium, and repair and upgrade existing sports facilities and amenities.

The Cook Islands Investment Corporation supervise and monitor the project, while the Chinese partner will be the China Civil Engineering Construction Corporation.

Sir Terepai says he has asked that local contractors be tendered for some of the projects.