Most entities across the Cook Islands Investment Corporation (CIIC) portfolio continue to provide support to households and businesses to help support the nation through these trying times.
Such continued support includes rent relief, power discounting, extended payment terms and project works.
The Associate Minister for CIIC, Albert Nicholas said, “this support is in recognition that the borders are closed, albeit temporarily, and reflects the intention of the Boards and management teams accross the CIIC portfolio to juggle its resources in order to continue much needed support to households and businesses.”
Rent relief has continued to be provided to tenants of CIIC, Airport Authority, Ports Authority and Punanganui Market.
From the December meter reading until the end of January meter reading, Te Aponga Uira (TAU) is offering a 50% discount per month to those commercial customers who are registered with MFEM as eligible to receive support through the wage subsidies or business grants.
TAU’s domestic customers who have completed a TAU Hardship Registration form at the TAU office, will receive a discount of up to $50 per month, and up to $50 per month will be credited to all INTAFF power benefit recipients.
“The rental relief and electricity discounts together with previous ones have been offered to help alleviate the substantial disruption to the Cook Islands economy and incomes caused by the COVID-19 pandemic”, said Michael Henry, chairperson of the CIIC Board.
“All our entities have relaxed their payment terms, taking into account financial hardships currently being experienced across our community”.
“CIIC has and is encouraging its entities where possible to bring forward planned infrastructure projects increasing the potential for economic stimulus. Projects brought forward to date include; various works undertaken at the ICI precinct, clearance work at the former Te Mato Vai compound and repair works at Titikaveka College. These were projects previously timed to begin later in the financial year, and have recently been completed, involving circa hundreds of thousand dollars and provided employment opportunities for about 15 persons.”
“Cook Islands Investment Corporation is focussed on supporting our nation. Where we can find innovative solutions by providing relief and rescheduling or changing priorities that will help to grow our economy, we will. Meitaki Atupaka to our staff coordinating this support and projects to provide economic stimulus for the private sector” said Henry.