I am pleased to have signed today with Premier Vivian and Prime Minister Clark the Niue International Trust Fund Deed.
The deed formally establishes the Niue trust fund which will provide a long-term, dependable revenue stream for Niue's economic development. Today's signing sets in place the formal legal arrangements for the fund's operation.
I announced at the Pacific Islands Forum in 2004 a contribution of $4 million towards establishment of the fund. Since that time, Australia has provided a further $1 million to the fund account through the Government's overseas aid programme.
The trust fund will help Niue improve existing levels of social and economic infrastructure and services. Management of it will be overseen by a three-member Board of Directors, including a representative from Australia. The fund is modelled on the successful Tuvalu trust fund which has been in operation since 1987 and to which Australia has also contributed.
Australia and Niue enjoy a friendly relationship, based on shared membership of Pacific regional organisations and development assistance.