1 Sep 2003

ADB plans to increase lending to Fiji

7:28 am on 1 September 2003

The Asian Development Bank says it plans to increase annual lending to Fiji.

It says from next year, loans will total 40 million US dollars

Five loans totalling 120 million US will be made over the next two years to support projects to rehabilitate airports, upgrade roads, develop tourism in the outer islands, promote urban development, and expand rural electrification.

But the ADB also sounded a note of warning.

It said while the economy had made a significant recovery since the political upheavals in 2000, constitutional, land tenure, and sugar industry restructuring issues still needed to be resolved.

The Australian Associated Press says the bank planned to open a Pacific sub-regional office in Suva in February next year.