7 Mar 2008

Buinesses in Tonga to receive assistance in rebuilding

9:06 am on 7 March 2008

In Tonga, a 7.5 million US dollar loan capital at 5-percent interest will be made available in May to businesses that were destroyed during the 2006 November riot.

The Westpac Bank of Tonga's General manager, Mishka Tu'ifua said yesterday that the loan capital has been donated by the Australian and the New Zealand governments.

The Matangi Tonga website reports the loan is only for businesses to be able to rebuild.

She said loan applications will be scrutinized by a Monitoring Committee.

Neither the Tongan government nor Australia and New Zealand will make any money from the loan, as the small interest is for banks to be able to servicing the loans.