Vanuatu borrowing from China for Malekula island

Vanuatu borrowing from China for Malekula island

by | 26 Apr 2014 | Invest

Vanuatu borrowing from China to build roads Updated at 1:02 pm on 24 April 2014 Vanuatu is to borrow 53 million US dollars from China to pay for road construction. The Minister of Finance, Maki Simelum, signed an agreement earlier this week with the EXIM Bank of China. The loan is over 20 years, with a two percent interest rate and a seven-year grace period before payments start. Mr Simelum says it will be used to develop roads and put in bridges on Tanna and Malekula. “As Read more [...]
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