20 May 2008

Still no word from China regarding stadium loan to the Cook Islands

9:05 am on 20 May 2008

The Minister for the Cook Islands Investment Corporation Tangata Vavia says they've not heard anything from China since handing over plans for the stadium to be funded by the China Import Export Bank.

The Bank had threatened to withdraw the 10 million US dollar funding for the stadium on Rarotonga for next year's mini games, if the new building plans were not handed over.

Mr Vavia says however, the delay in the Bank's decision could be a result of the devastating earthquake in China.

"There's a lot of damage and cost to the infrastructure where the earthquake has struck near town, just a small concern of mine that may affect the decision of the bank but maybe not.15"

Minister Vavia says he's hopeful they will hear from the Bank well before the schedule date to start building the stadium in July.