27 Feb 2008

Cooks says China loan will aid savings

3:50 pm on 27 February 2008

The Cook Islands Government has revealed figures showing that a soft loan from China for the building of a sport complex for next year's mini South Pacific Games, will save nearly 13 million US dollars.

The Government has yet to formalise an agreement but has put out a statement detailing why it backs the China offer.

It has contrasted the benefits of the China loan at two percent compared with a commercial loan at ten percent and says it will save the Cook Islands almost 13 million US dollars..