China Eximbank provides RMB 6.84 million government concessional loan for Ministry of Education Administrative Building (Linked to Record ID#37877)

Project narrative

On July 23, 2008, the Chinese Government and the Government of the Cook Islands signed a preferential loan framework agreement for the Telecom Sports Arena Construction Project and the Ministry of Education Administrative Building Project. Then, in August 2008, China Eximbank and the Government of the Cook Islands signed an RMB 74.1 million (US $9.6 million) government concessional loan (GCL) agreement for the Telecom Sports Arena Construction Project and the Ministry of Education Administrative Building Project. The GCL carries the following borrowing terms: 1.8% interest rate, 5-year grace period, and 20-year maturity rate. The loan’s final maturity date is August 2028. RMB 67.26 million (US $8.65 million) of the GCL proceeds were allocated to the Telecom Sports Arena Construction Project (as captured via Record ID#37877) and RMB 6.84 million (US $ 950,000) of the GCL proceeds were allocated to the Ministry of Education Administrative Building Project (as captured via Record ID#40532). The purpose of the Ministry of Education Administrative Building Project was to construct a two-story, 800 square meter administrative building — with offices, conference rooms, and training facilities — for the Ministry of Education in Nikao. A local company, Mike Rennie Builders Ltd, was selected to implement the project. Construction began in December 2010 and the roof was installed in April 2011. The project was completed in January 2012.