Tuvalu News

Tuvalu Guarantees ADB Loan

Tuvalu.tv, 25 November, 2002

The Honorable Minister of Finance, on the Wednesday moved for parliament to guarantee the government loan from the Asian Development Bank.

The loan was for upgrading the Tuvalu Maritime Training Institute on Amatuku.

Beside the Loan, the ADB also granted more than three hundred thousand dollars for continuing training by the TMTI to be implemented next year to the year 2004, according to Hon Mr Paeniu.

The opposition opposed the motion, telling the House they would like a detailed break down of what the loan and grant would be spent on.

The Minister, Hon Mr Paeniu told parliament that the government had prepared a detailed expenditure plan, which includes the construction of new wharfs in Amatuku and the capital.

Fire fighting equipment, Water Cisterns, a Solar Power System, Machineries Equipment, Classrooms, and Staff Houses on the islet will be part of the development of TMTI, the Minister said.

The upgrading of TMTI is to keep Tuvalu in the White List.

The motion was passed.

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