Big container port loan
PA Wellington The Government has approved an overseas loan of 75 million Swiss francs (about SNZ3I million) for the purpose of container port development, the Minister of Finance (Mr Muldoon) announced yesterday.
The loan proceeds will be paid to the National Providen Fund which will be lending to the four harbour boards. Mr Muldoon said that the loan had been raised on favourable terms and was for a six-year period. The loan proceeds would be shared by the Auckland, Wellington, Lyttelton and Dunedin harbour beards on the basis of their relative
expenditures in the area of container handling facilities and are expected to be sufficient for this purpose up to March, 1977. The interest rate charged to the boards would be 6.7 per cent per annum. The Government had approved an overseas loan because of the need to proceed with container port development as a priority in view of the increasing demands that will soon arise when ships now under construction are brought into service.
Mr Muldoon said that an overseas loan would also ease pressure on the local authority loan market and would therefore help local authorities in raising their loan requirements.
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Press, 15 July 1976, Page 1
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197Big container port loan Press, 15 July 1976, Page 1
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