The Northern Islands Stevedoring Company Limited (NISCOL) Port Services concluded negotiations and had signed a Payment Agreement with the Vanuatu Government, in respect of its contribution and share of loan repayments towards the cost of the Vanuatu rehabilitation and extension of the Luganville main wharf project.
The payment agreement was signed on December 14, 2017 between the Vanuatu Government and NISCOL, by the Minister of Finance and Economic Management, Gaetan Pikioune and Dr. Andrina Thomas, on behalf of the Government of the Republic of Vanuatu and NISCOL Port Services respectively.
It was witnessed by Messers Letlet August as Director General from the Ministry of Finance and Hamlison Bulu, a member of the Board of Directors of NISCOL.
The Board and Management of NISCOL are grateful to the government for collaborating throughout the entire on-lending agreement negotiation process and especially for the acknowledgement and recognition of NISCOL’s business operations under the existing Concession Agreement resulting in the final terms and conditions for the payment sums by NISCOL to the Government on account of the development loan.
After the announcements of the yearly audited financial accounts and 10 days working days, NISCOL is to pay to the Vanuatu Government an amount equal to the yearly calculated obligation to the Government totalling 35% Dividend.
This 35% payment will be considered as the company’s contribution towards the annual repayment of the Development Loan Agreement.