Cook Islands Government and Cook Islands Investment Corporation State Owned Enterprise Sector to offer Support to the Cook Islands Economy During the COVID-19 Pandemic

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As the COVID‐19 coronavirus spreads around the World, and significant travel restrictions have been put in place around the globe which will have an affect on the Cook Islands economy, the Cook Islands Investment Corporation, and its State Owned Enterprises (the Airport Authority, Avaroa Cable, Bank Of Cook Islands, Ports Authority, Te Aponga Uira, Te Mana Uira o Araura and To Tatou Vai) would like to re‐assure the Cook Islands public, that essential public services will continue and is currently developing various support initiatives to assist the Cook Islands public and businesses during these times.

The Honourable Mark Brown, Deputy Prime Minister and Minister of the Cook Islands Investment Corporation is pleased to share with the public that “our Stated Owned Enterprise sector is being well managed, have strong balance sheets and are well placed to withstand potential turbulent times ahead”. It is important for the public know that our “key public entities will continue to provide essential services to the Cook Islands public. Our airport will continue to receive airplanes, our Ports will continue to receive cargo and our homes and business will continue to receive safe and reliable electricity”

Michael Henry, Chair of the Cook Islands Investment Corporation, said that the Cook Islands Investment Corporation and each State Owned Enterprise had extensive contingency plans in place to allow the organisations to continue to operate. Mr Henry advised that the Group employs over 250 staff and while it may be a new and very different environment in which these SOE’s are now operating that it was business as usual for all staff, in delivering on its vision of; “effective and efficient public assets that improve the wellbeing of Cook Islands people.”

The Honourable Mark Brown, Deputy Prime Minister shared that the Cook Islands Investment Corporation and its State Owned Enterprises have been working together with the wider Government in terms of providing support to the Cook Islands public and economy, and is pleased to announce the following significant support to the Cook Islands public and businesses at this time:

  • Te Aponga Uira will be providing the following discounts to its customers, effective from the first meter reading from Thursday the 19th of March 2020, for a 3 month period, which will be reviewed every month:
 100% discount to all domestic customers for electricity usage

 60% discount to all commercial customers for electricity usage

  •  Te Mana Uira o Araura will be providing a 100% discount to all its customers for electricity usage customers, effective from the first meter reading from Thursday the 19th of March 2020, for a 3 month period, which will be reviewed every month.
 
Further information will be provided to the public from Te Aponga Uira and Te Mana Uira o Araura in the near future. Members of the public are also invited to contact Te Aponga Uira and Te Mana Uira o Araura if they require additional information.
 
Mr Henry also said that the Cook Islands Investment Corporation and its State Owned
Enterprises will continue to work together to develop further relief to affected households and businesses, including support to the domestic and business sectors from the Bank of Cook Islands.
 
CIIC will also be looking at bringing forward capital infrastructure projects as part of the
government economic stimulus package which will ensure local industry continues to thrive and provide additional employment opportunities.
 

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