BIZCHINA / Oceana
Tonga seeks $60m loan from China to buy back assets
(Tonga Online)
Updated: 2006-04-27 08:50
Tonga's government is seeking a loan of $TOP60 million from China to buy
back the Shoreline's electricity assets.
Tonga's Prime Minister Dr Feleti Sevele asked the Chinese Premier Hon.
Wen Jiaobao, on April 5, in Fiji, for the loan as part of a complex
multi-million pa'anga proposal under negotiation by the two countries.
At a bilateral meeting with Dr Sevele, the Chinese Premier outlined the
People's Republic of China aid package for Tonga, which includes millions
of pa'anga in grants, and soft loans, and millions more for the
construction of airports, school and a wharf.
There is a Special Grant of $TOP12 million to balance Tonga's forthcoming
budget and an unspecified grant for the construction of a Convention
Centre, and a soft loan for the refurbishing of the Dateline Hotel - and
for the purchasing of new vehicles for the Pacific Forum Meeting to be
held in Nuku'alofa later this year.
The Chinese have also agreed to extend and upgrade the Fua'amotu
International Airport, and to either extend or relocate the Vava'u
airport, and to build a new wharf for Vava'u.
Tongasat
In the pipeline is a joint venture between Tongasat and a Chinese
Satellite company. There will be on-going discussions between the two
countries with regards to the launching of a satellite into the
Tongasat's 130 degrees East longitude orbital position.
During the first China-Pacific Leaders Forum that was held in Nadi, April
5-6, Dr Sevele accepted the first part of the Chinese aid to Tonga, a
$TOP3.8 million (RMB 20 million) grant.
He also signed an agreement for the construction of the Tonga High School
Phase II Project.
China-Pacific leaders
Besides the Chinese bilateral aid package with its Pacific island friends
it will also provide 3 billion yuan of preferential loans to Pacific
island countries during the next three years for the development of
agriculture, forestry, fishery, tourism, textiles and consumer products
manufacturing, telecommunications, aviation and ocean shipping.
For least developed countries in the region with diplomatic ties with
China, it will cancel their debts that matured at the end of 2005, and
the payment of debts contracted to be extended by ten years.
The first China-Pacific Island Countries Economic Development and
co-operation Forum was attended by representatives from ten Pacific
Island countries, including New Zealand and Australia.
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