New Zealand reveals $500 mln worth public projects to stimulate economy

WELLINGTON. February 11. KAZINFORM New Zealand Prime Minister John Key confirmed on Wednesday that almost 500 million NZ dollars (265million U.S. dollars) worth of publicly-funded building projects will be accelerated in the latest in a series of initiatives to stimulate the economy.

The projects, spanning the housing, transport and education sectors and spread widely around regions, have been fast-tracked to contribute quickly to the government's economic stimulus program. "These projects will get underway quickly - in many cases in the next few months - and they will keep more New Zealanders working as the global economic crisis is felt here," Key said at the parliament. "They were chosen because they are quality projects, they will make lasting contributions to our economy and they are ready to go." These projects will employ New Zealanders and create work for businesses in regions, whether they are builders, plumbers or electricians. And their benefits will flow through communities by helping keep suppliers and sub-contractors, shopkeepers and sales staff in business, he said; Kazinform cites Xinhua. Education spending of 216.7 million NZ dollars will be used to build five new schools, refurbish existing ones and improve broadband access. In transport, 142.5 million dollars will be spent on five large state highway projects and a range of smaller, regional projects. Wednesday's announcement followed a 480 million NZ dollars helping hand of tax and regulatory assistance for small and medium businesses last week.