• Short Summary

    Papua New Guinea has concluded its first overseas loan since achieving Self-Government at the beginning of the month.

  • Description

    Papua New Guinea has concluded its first overseas loan since achieving Self-Government at the beginning of the month.

    The loan agreement was concluded at a formal ceremony at Port Moresby on Thursday (6 December), it provides for the raising in Japan of a loan of five billion yen (approximately 12 million Australian dollars) by means of a private placement. The loan, which is being managed by the Industrial Bank of Japan on behalf of 12 participating banks, matures in 1985 with repayments starting in 1979. The interest rate is 8.2%.

    The agreement was signed on behalf of the Papuan New Guinea Government by the Minister of Finance Mr. Julius Chan, and on behalf of the Industrial Bank of Japan by Mr. Murata.

    Speaking at the ceremony Mr. Chan thanked the Japanese Ministry of Finance for allowing the loan to take place and the Australian Government for agreeing to guarantee the issue.

    Mr. Chan recalled that this was Papua New Guinea's second major international loan, the first having been concluded with the West German Government in June this year. The Minister went on to say that his government attached much importance to Papua New Guinea becoming known in the international financial community. To this end, Mr. Chan concluded, they were hoping to raise another overseas loan in Europe in the first half of 1974.

    Also attending the ceremony were Mr. Michael Somare the Chief Minister of Papua New Guinea and MR Les Johnston formerly the Australian Administrator and now the Australian High Commissioner.

  • Tags

  • Data

    Film ID:
    VLVAD70CHM8AFZIZ31KG3US3FF98U
    Media URN:
    VLVAD70CHM8AFZIZ31KG3US3FF98U
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    06/12/1973
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:04:00
    Time in/Out:
    /
    Canister:
    N/A

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