19 Oct 2009

European Investment Bank to help fund micro business in Cook Islands

12:11 pm on 19 October 2009

The European Investment Bank has agreed a package of four and a half million US dollars to improve access to finance for micro to medium sized initiatives in the Cook Islands.

The signing of a global loan with the Bank of the Cook Islands marks the first time the European Investment Bank has provided such assistance to the Cook Islands.

The agreement reached in Rarotonga follows the successful completion of an initial finance facility to Fiji, Samoa and Tonga.

the Finance Minister ,Sir Terepai Maoate, says he's extremely pleased with the new development which is designed to help grow the economy.