China EXIM Bank Signed Contract with the Kingdom of Tonga

China Im.&Ex. Bank Signed Contract with the Kingdom of Tonga

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China Export & Import Bank and Ministry of Finance of the Kingdom of Tonga reached an agreement in Nuku'alofa Tonga on June 11, allowing the Overseas Joint Venture Company of People's Daily to utilize the Chinese Concessional Loan in upgrading the Tonga International Dateline Hotel.

This agreement is signed in accordance with the Framework Agreement reached by the the Government of the Kingdom of Tonga and the Government of the People's Republic of China on March 30th 2001.

Along with the Loan Agreement, the On-lending Agreement of the Tonga International Dateline Hotel Project was also signed between the Overseas Joint Venture Company of People's Daily and Ministry of Finance of the Kingdom of Tonga on that day.

Those present at the signing ceremony included Chinese Ambassador Mr. Zhang Binhua and Counsellor Mr. Fang Zhimin, and Mr. Zhao Wenzhang, Vice President of China Export & Import Bank, Hon. Siosiua T. T. 'Utoikamanu, Minister of Finance of Tonga; Hon. Dr. K Tutoatasi Fakafanua, Minister of Education of Tonga; Hon. Dr. Giulio Masasso, Minister of Labour, Commerce, Industries & Tourism of Tonga, Ms. Akosita Fineanganofo, Secretary for Foreign Affairs of Tonga, and members from the Board of Directors of Overseas Joint Venture Company of the People's Daily.

After the signing ceremony, the members from China Export & Import Bank called on Premier and Vice Premier of the Kingdom of Tonga separately.