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New Zealand gov't to spend over 10 bln USD to rebuild quake-hit city

Xinhua, May 21, 2015 Adjust font size:

The New Zealand government is to spend about 16.5 billion NZ dollars (12.09 billion U.S. dollars) in rebuilding the earthquake-battered second city of Christchurch and the surrounding Canterbury region, it revealed in the annual Budget Thursday.

The total cost of rebuilding the city and surrounding areas had been estimated at 40 billion NZ dollars (29.32 billion U.S. dollars), Finance Minister Bill English said in a published speech to Parliament.

Good progress was being made on the commercial and residential rebuild since the first large earthquake struck in September 2010, said English.

"Large private sector projects are a testament to the positive future investors see for Christchurch, and 23,000 square meters of office space has been completed," he said.

"It is important to maintain momentum with the city's anchor projects, most of which are complex developments with multiple partners. The Budget contains additional operating funding of 108 million NZ dollars (79.17 million U.S. dollars) over four years to ensure these projects remain on track."

The new funding would support land and building clearances, and cover the cost of owning and developing hundreds of millions of dollars of assets purchased by the government after the quakes.

"By the middle of this year we will have a better idea about what the right structure in Christchurch should be, and implementing this structure will help maintain progress towards long-term recovery in the city and its surrounds," said English.

Christchurch has been hit by thousands of tremors since a 7.1- magnitude quake on September 4, 2010, including a 6.3-magnitude quake that killed 185 people on February 22, 2011. Endi