PRIME MINISTER O'NEILL OPENSS BSP KIKORI

Prime Minister Peter O’Neill today announced a new housing loan facility for the workforce in the country.

The National Executive Council approved the New Housing Loan Facility last week.

Under the program, Bank South Pacific and the National Government, has agreed to make housing loans available at a fixed rate of 4-percent over a 40-year period.

200-million Kina has been made available under this facility with BSP, with another 200-million Kina is earmarked for next year.

The loans can only be used to build new homes, and not buy existing properties.

Mr. O'Neil says this will simulate construction-related business activity and increase employment.