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Acquisition of Berbice Bridge to be finalised within weeks – Pres. Ali
(Kaieteur News) – President Irfaan Ali on Friday said the government will finalise the acquisition of the old Berbice Bridge “within a next couple of weeks”.
The president provided an update on the agreement during a press conference, his first for the year, at the Office of the President, Georgetown.
“On the acquisition of the old bridge by the government, the final set of meetings are ongoing now. I think they are almost at agreement and within a next couple of weeks that will be finalised.”
The Berbice Bridge.
Back in February, Minister of Public Works, Juan Edghill told the National Assembly that the government was finalising negotiations for the full acquisition of the Berbice Bridge.
The minister made the disclosure while responding to APNU’s Member of Parliament (MP), Saiku Andrews, during day three of the consideration of budget estimates and expenditures.
“…the Berbice Bridge and I don’t want to use this opportunity to make an announcement, I want to inform the House that the Government of Guyana is on its way to finalising all the i’s and crossing the t’s for the ownership of the Berbice River Bridge and based upon the figures I have been looking at, what it will be costing the Treasury for the acquisition of the bridge would be less than if we have to pay toll between now and next year, based upon the figures I’m looking at,” Edghill told the National Assembly.
President Irfaan Ali
Back in October 2022, when President Irfaan Ali announced plans for a new Berbice River Bridge he said, “we are in the process of discussing with the Berbice Bridge Corporation the possible acquisition of that bridge by the government.” If the acquisition is not finalised by the time the new Demerara River Bridge is operational, the Berbice River Bridge crossing will also become toll-free simultaneously.
Moreover, the current Berbice River Bridge, which was constructed between 2006 and 2008 at a cost of $8 billion, received financial backing from loans and equity contributions from various entities, including the state-run National Insurance Scheme (NIS) and private investors.
The bulk of the money invested in the Berbice Bridge came from NIS. Sharing ownership percentages in the Berbice Bridge Company Inc. (BBCI): National Industrial and Commercial Investments Ltd (NICIL) holds 10 per cent, NIS owns 20.2 per cent, and other stakeholders include Hand-in-Hand Fire Insurance (10 per cent), New GPC (20 per cent), Queens Atlantic Investment Inc. (20 per cent), and Secure International Finance Co. Limited (20 per cent).
It was reported that as part of the concession agreement, the Berbice Bridge Company Inc. is set to hand-over the structure to the Government of Guyana in 2027.
In a previous press conference, Andrews in an A Partnership for National Unity (APNU) press conference stated that the government’s plan to acquire the Berbice Bridge one year before it is supposed to be transferred to the State at no cost raises legitimate concerns about fiscal prudence.
He said, that the government announced its intention to purchase the bridge from private operators even though ownership is scheduled to transfer to the State in 2027.
“The rationale for accelerating purchase by one year remains unconvincing. The optics of directing public funds to private stakeholders ahead of an already agreed transfer raise legitimate concerns about beneficiaries and fiscal prudence,” Andrews said.
Andrews expressed that the government’s intention of the buying the bridge makes “no sense at this point”. However, if the government goes ahead then consideration about maintenance and all other costs should be taken into account.
“Now, if that maintenance schedule is not honoured, then we have to factor in what it would cost to honour that maintenance schedule, because it makes no sense, we purchase a bridge in 2026 which is supposed to come to us free in 2027 and we’re saddled with all the maintenance cost that the bridge company is contractually obligated to honour. So, we have to consider all of those and come up with a discounted buyout price in 2026, that could be a prudent approach. So, if that is the approach, then yes, we can receive value for money,” he explained.
Andrews shared that recently in parliament, Minister Edghill when questioned about a ballpark figure the government will pay for the bridge indicated that it would be less than the existing government subsidies.
“That is not a sufficient answer for the Guyanese people who have spent almost 20 years being saddled with the high cost of crossing that bridge. To come to this point when they’re supposed to get this bridge for free, at zero cost, and you’re going to say to them, you’re going to purchase it one year in advance, but it will be cheaper than if you were to subsidise the toll, that is not a sufficient answer,” Andrews posited.
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THE BLUNT OF THE DAY
Sports
Features/Columnists
Sir. Ronald Sanders
The GHK Lall Column
Weekend Cartoon
If a mortgage is paid off early, the interest charged is saved, right ?
Now, some fools in the PPP/C government, getting this Berbice River Bridge
for FREE in 2027, but, they want to pay NOW-2026, instead ?
Somebady brains nah working right.
Perhaps, the one who’s always calling the shots everywhere ?
]