AUCKLAND, New Zealand, Jan. 29 (Xinhua) -- A new program to build and upgrade roads, rail, schools and hospitals was announced by the New Zealand government on Wednesday in Auckland.
The 12-billion-New Zealand-dollar investment package is named Upgrade New Zealand with a focus on infrastructure projects.
New Zealand Prime Minister Jacinda Ardern described the program as a once-in-a-lifetime opportunity to modernize the country's infrastructure to prepare for climate change and help grow its economy.
New Zealand Deputy Prime Minister Winston Peters said the program is the largest investment in infrastructure in decades.
According to the program, road construction projects will receive the largest proportion with Auckland's road alone to receive 2.2 billion New Zealand dollars. Health system, particularly mental health and addiction reduction services will also get a boost.
With the recent record low interest rates, New Zealand Finance Minister Grant Robertson believed it is a good time to invest in infrastructures that have been under-invested and long due.
"It makes sense to take advantage of record low long-term interest rates and invest in infrastructure to grow the economy. These low rates -- around 1.5 percent for 10 years -- can be locked in over the long term, making this programme sensible and affordable," said Robertson. (1 New Zealand dollar equals 0.65 U.S. dollars)
