Earthquake-hit Christchurch, NZ needs US$1.53bn for roads and pipes rebuild

The Stronger Christchurch Infrastructure Rebuild Team (Scirt) in New Zealand says it will cost US$1.53 (NZD 1.77bn) to repair roads and underground pipes in Christchurch damaged by the February 2011 earthquake. However, it only has funding of $1.17 billion (NZD 1.36 billion) and cancellation of some projects is necessary in order to reduce costs by 30%. Scirt has already spent $1.34 billion (NZD 1.56 billion) to repair broken pipes and roads in Christchurch. Raj Manji, the Christchurch city council's finance manager, said that they might have to find another $137.91 million (NZD 160 million) to fill in the funding deficit.