Will use loans effectively: AG
July 18, 2016 11:03 pm
Attorney-General Aiyaz Sayed-Khaiyum says government will look at ways to effectively use the money from two loan agreements signed yesterday with the Asian Development Bank and the World Bank.
The loans accounted for US$100million; each loan being US$50 million.
While signing the agreements yesterday, Sayed-Khaiyum said the loans will be focused on rehabilitation efforts of affected schools and communities.
He adds to be able to build back better and stronger government needs to ensure that they get the right people for the job.
“We are trying to encourage more construction companies come in and more partnering up with the private sector which will see us expedite their reconstruction process.”
ADB Regional Director of Pacific Sub-regional office in Fiji Robert Jauncey says the loan will help to restore livelihoods and priority infrastructure.
“These loans reflect the confidence that we have in the government’s reconstruction programmes. I just wanna say that why they are loans they are very cheap loans with the interest rates of 1.3% which is cheaper than Fiji can get on the market.”
ADB is also extending the US$50m emergency assistance loan from its ordinary capital resources.