Government is keen to initially borrow funds from the Asian Development Bank to provide much needed capital for Niue’s development bank for lending to the private sector.
This was revealed by the Special Envoy of Premier Dion Taufitu who spoke at the recent 52nd Annual Meeting of the Asian Development Bank meeting.
Taufitu told the delegates, the Niuean government’s expectation is to work with the ADB secretariat to provide technical and other expertise which he says will help them refine and provide some key solutions to ensure government achieves their goals in a timely manner.
The question of any loans Taufitu says will be determined by these reports though government is keen initially to borrow funds to provide much needed capital for our development bank for lending to the private sector.
He says government will start small and borrow more as required.
If there is a need for government to borrow for some major projects, the premier’s special envoy says they will decide this with the expertise ADB has as well as the presentation of a business plan which will indicate the long term business viability of this investment.
He also told the delegates Niue’s membership in ADB is different because we have done it ourselves. He says there were countries and friends who advised and supported but this was the first time the niuean government has created an opportunity of this kind without New Zealand’s direct assistance.