PM Transcripts

EMBARGO: NOT FOR--ASE ON 1/ ll/ 2
PRIME MINISTER
FOR PRESS: PY1. N; o. 99/ 1972
LOAN TO FIJI
Statement by the Prime " inister, the Rt. } Ion. William
Mc ! ahon,
The Prime inister, Nr cahon, announced today, that
in response to a request of the Fiji Government, the Australian
Government had decided to join with the International Bank for
Reconstruction and Development and New 7ealanI in helping to
finance a road project in Fiji.
The project, which entails extensive reconstruction
work on the road between Nadi and Suva, will be the largest, most
expensive, single project in Fiji's history. It has been
thoroughly examined by the World Bank, and has been cleared
through that Bank's procedure-for selecting economically viable
projects. The International Bank for Reconstruction and Development
and New Zealand have agreed to co-operate in financing most of
the foreign exchange cost of the project. Australia has agreed
to lend $ US2.7 7. on terms similar to those offered by the other
two lenders. Australia's loan will be outside, and additional to, the
aid programme recently approved for bilateral aid to
developing countries in the South-West Pacific, including Fiji
over the next few years.
Mr 1c? 1ahon added that he was particularly pleased that
Australia was able to assist in financing this project in Fiji,
which will make a significant contribution to the economic
development of one of our closest neighbours in the Pacific.
CANBERRA, 8 November, 1972