SYDNEY, Sept 26 - Australia said it will grant A$31 million to Tonga to complete a vital port upgrade, boosting funds from the Asian Development Bank, as Canberra focuses on building climate resilient infrastructure.
The A$138 million port project is co-financed by the Asian Development Bank , which awarded the contract to New Zealand company McConnell Dowell, creating 80 local jobs. Pete Connolly, adjunct fellow with the University of New South Wales and the Center for Strategic and International Studies, said Tonga's high debt to China may have contributed to Australia's decision to provide extra funding for the port.
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Australia to help finance Tonga port as climate worsens Pacific infrastructure gapBy Kirsty Needham SYDNEY (Reuters) - Australia said it will grant A$31 million ($20 million) to Tonga to complete a vital port upgrade, boosting funds ...
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Stock market today: Wall Street drifts as the pressure keeps mounting from the bond marketNEW YORK (AP) — A sluggish day for stocks kept September on track to be the worst month of the year for Wall Street. The S&P 500 managed a gain of 0.4%, coming off its worst week in six months.
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