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by pltm
(PLTM) - The BVI Airport Authority (BVIAA) has commenced talks with companies interested in developing the TB Lettsome International Airport at Beef Island.
Premier and Finance Minister, Hon. Dr. D. Orlando Smith said that the authority is yet to make a formal presentation to government on the status of those talks.
“The Airport Authority, they are the ones who are at the forefront of the airport development. I know that they are having discussions with some entities, but they haven’t come to us and made a formal presentation about those matters,” he recently told reporters.
Last month, Premier Smith had disclosed that his government has scraped its previous proposed plan for the project, and is now in search of an investor who will fund the project and control the airport for about 20 years.
This will be done through the concession model, as against the previous plan for government to design, finance and build.
Premier Smith said that the concession model will see a Private/Public Partnership (PPP) approach. He said that the new approach will not only lengthen the runway, but also see major development at the terminal.
The Premier disclosed that by adding the terminal enhancement, the project has increased from $153M to $250M.
It should be noted that the Expansion Outlined Business Case of May 2016, which was conducted by PricewaterhouseCoopers Advisory Services Limited (PwC), had listed $153 million for the expansion of the runway and terminal upgrade.
It is still unclear why the substantial difference in the new budgeted amount and the case study.
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