China to fund housing in Papua New Guinea

The National Housing Corporation's mission to build and deliver 40-thousand houses for public servants in Port Moresby, took another boost, following a successful funding negotiation with a bank in China.

 Housing Minister Paul Isikiel was in China recently to negotiate the funding, with full agreement from the Government.

 The I-C-B-C Bank of China, has agreed to give the Government AN OPTION of up to 500-million US Dollars or about 15-million-kina.

 Under the arrangement, ICBC Bank will provide money through a Public Private Partnership arrangement where the Housing Corporation and its business arm, the National Housing Estate Limited, and Niule Number 16 Limited, a globally reputable industry are joint partners.

 Up to 5-thousand houses will be built each year, until the 40-thousand house project is completed. Minister Isikiel said the project will also provide jobs for 1-thousand Papua New Guineans.

 The project to be constructed at Durham Farm at Moitaka in Port Moresby, will become a satellite township with its own police station, schools recreational facilities and shopping centre.

The houses will range from as low as 100-thousand Kina for low cost houses, 150-thousand for medium, while high cost houses will be left open for market forces to determine.