Australia loan to assist roads and bridges

 

 

Fiji will start work on replacing nine bridges and re-doing roads, which is being assisted by a first ever sovereign loan by Australia.

 

Through the Australian Infrastructure Financing Facility for the Pacific, Australia is investing over $200 million in financing to support the restoration and upgrade of key roads and bridges.

 

Fiji has signed an Infrastructure Financing Facility for the Pacific loan and grant agreement with Australia.

 

Australian Chargé d’affaires John Williams says their financing package includes $24m in a grant component through which the loan is concessional and will be fast disbursed, meaning support can be provided now for Fiji’s economic recovery.

 

“This will support the Fiji Roads Authority to provide for the renewal and resurfacing of more than 1.5 million square meters of road surface throughout Fiji as well as the replacement of nine bridges, all important road infrastructure and crucial to the Fijian economy, connecting people and markets.”

 

Minister for Economy, Aiyaz Sayed-Khaiyum says the latest input by Australia has a grant element in it which makes it a concessional loan overall.

 

Source: FBC