27 Mar 2008

Fiji negotiates loans totaling more than 228 million US dollars with China

11:23 am on 27 March 2008

Fiji is negotiating loans totaling more than 228 million US dollars with China.

The development director in the office of the interim prime minister, Seremaia Tuiteci, says the loans are for rural roads, water supply, low cost housing and shipping infrastructure.

Mr Tuiteci says the loans are conditional on the developments being carried out as joint ventures between Fijian and Chinese companies.

He says loans have their origin in a 2006 agreement between the former government of Laisenia Qarase and the Chinese Government which set a ceiling of 600 million dollars in potential loans.

The first 50 million dollar is expected to be released by the Chinese Government next month for upgrading rural roads.