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$100m for Māori land development: Govt steps into banks' shoes

Author
Newstalk ZB ,
Section
Audio,
Publish Date
Monday, 4 February 2019, 11:10a.m.
Regional Economic Development Minister Shane Jones says $100m to develop Māori land in the regions will meet demand that banks are unwilling to touch. Photo / George Novak

The government has put forward a large chunk of money to help drive Maori growth.

It has announced $100 million towards supporting Maori land owners.

A further $27 million has also been earmarked to strengthen Kaipara's transport infrastructure and horticulture sector.

The funding announcement will enable Maori to access the capital required to progress projects for investment and support moves towards higher-value land use.

Regional Development Minister Shane Jones told Mike Hosking banks continue to put collective indigenous land ownership in the "too hard basket."

"Unfortunately banks have become more concerned with meeting the demands of more conventional models of finance, and have walked away from it."

Jones there will be a particular focus on projects the conventional banks shy away from.

"The money that has been allocated will have to go through a very strict criteria process, so there will be a process and criteria."

Jones, who is in charge of the $3 billion Provincial Growth Fund, said that banks had been too reluctant to lend money to develop collectively owned Māori land.

"I won't shy away from the fact that we will be working on projects that the conventional banks can't work out how they can extend money and recover the money if there's 1000 owners over a 50-acre block."

LISTEN ABOVE AS SHANE JONES SPEAKS TO MIKE HOSKING

ON AIR: Mike Hosking Breakfast

6a.m. - 9a.m.