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FEA guarantee extended

November 20, 2015 6:50 pm

A four hundred and fifty million dollar government guarantee for the Fiji Electricity Authority has been extended for a year.

This is an existing loan for the FEA but the government guarantee would have expired on December 31st.

Parliament has voted to maintain the guarantee until the end of 2016.

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Most of the loan has already been spent on capital works and about one hundred million dollars will be used next year.

A large portion of the money was borrowed locally.

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