According to Mr Boyers, this is the best rate they ever negotiated.

He told the Solomon Star last Thursday that 7.9% is the interest rate for the million-dollar borrowings the government took from SINPF, to pursue the under-sea cable project.

“This is the best ever deal with the government, compared to the 2.5% rate in the previous dealings.

“The SINPF board is striving to ensure that they strike a better deal with borrowers to get better earnings for the fund, which will in turn benefit the members.”

He said in the past, SINPF only gets 2.5% interest which is not good, but now they have started to strike better deals by getting rates above 2.5%.

“7.9% is the best deal ever made with the government that will see SINPF and its members benefiting much from their savings.”

Meanwhile, Mr. Boyers said once the under-sea cable project is completed SINPF and members will earn more from the revenues generated in its operation.

By AATAI JOHN LAUNGI