EXIM Bank of China has approved in-principle an initial US$3.30billion loan (PGK 7bn) for infrastructure development in Papua New Guinea. Of the amount, PGK 1bn will be for a new four-lane highway connecting Lae to Nadzab, PGK 2bn for the highway from Gulf to Southern Highlands and PGK 4bn for rebuilding the Highlands Highway. The loan has a low interest rate of 2% for soft loan and 3.5% fir commercial loan.
Of the amount, PGK 1bn will be for a new four-lane highway connecting Lae to Nadzab, PGK 2bn for the highway from Gulf to Southern Highlands and PGK 4bn for rebuilding the Highlands Highway. The loan has a low interest rate of 2% for soft loan and 3.5% for commercial loan.
