The Chinese soft loan of $70 million for the Housing Authority (HA) at a low interest of 2 percent has been approved by the Exim bank and the signing of the commercial contractual documents should take place in the next three weeks.
That is the confirmation from the Chief Executive Housing Authority Alipate Naiorosui.
Today the HA met with stakeholders and discussed the development of the 5 year land and housing plan.
Naiorosui said out of the total cost of $189 million, $117.43 million will be used for land development and $72 million for building construction.
He said $20 million will be used for the construction of 500 Public Rental Board flats at Raiwai and Raiwaqa and $35 million for the Housing Authority Tacirua Land and Housing Development.
Chinese soft loan approved
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