Ousted Finance Minister Ratu Jone Kubuabola said that getting a loan from China through the Export and Import Bank of China would mean that the raw materials for the project will be sourced from China.
Kubuabola's comment comes after a bid by Interim Prime Minister Commodore Frank Bainimarama for $230 million Chinese loan to fund its proposed rural programmes.
He added that this would affect the local timber and cement industries.
Kubuabola said local money is available and the country does not need a Chinese loan to fund rural development programmes, adding that not only the terms for local loans are more favourable but Fiji is not exposed to foreign exchange risks
Chinese Loan To Affect Local Industry
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