China housing loan outcome delayed

The Housing Authority is still awaiting word from China’s Export/Import (EXIM) Bank on the outcome of a $70 million loan application to EXIM, after bank officials did not make a visiting official Chinese government delegation to Fiji last week.

Housing Authority chief executive officer Alipate Naiorosui had told FijiLive earlier late last month that EXIM bank officials were expected in the country early this month to finalise talks on the applications.  

However, by yesterday, the Authority was still awaiting word on the application.  

“The EXIM bank officials were supposed to come with the delegation from China that came to Fiji last week but unfortunately, they didn’t make it,” Naiorosui told FijiLive.

“So the Prime Minister’s office is now handling the matter.”

Permanent Secretary at the PM’s office Peter Wise told FijiLive the matter was under consideration by the Chinese bank and that it was carrying out due diligence on the application.

“I spoke to Vice Minister Jiang Zengwei when he was in Fiji last week and he sounded very positive about the success of the loan.  Generally from our side, all documentations have been sent to the bank.  But there are certain procedures that they have to follow and they are doing their due diligence on it,” Wise said.   

The loan application, made early this year, was a joint effort between the Housing Authority and the Public Rental Board and had been approved in principle.

The Housing Authority was planning to use the funds to develop housing projects that were expected to provide homes for 5000 new owners over the next three years.  

The Public Rental Board is expected to use its portion of the funds to develop residential lots in Raiwai and Raiwaqa.