Earlier we told you we had aired the last items of house business from today's house sitting. But one item we missed was a government motion to borrow 7 million dollars more for the George Price Highway Rehabilitation Project. Now, they've already borrowed 27 million dollars in 2015 for the paving of mile 47.9 to mile 67.3. Today the Prime Minister explained why they are going back to the IDB for 7 million more:..
Rt. Hon. Dean Barrow- PM
"Whereas the board of directors of the bank approved an original loan to the government in the sum of $27 million, dated November 17th, 2015, whereas we've since approached for additional financing, whereas it is the intention to use the additional financing to meet the costs of the supervision of the civil works, utilities relocation and environmental and social mitigation measures."
Hon. Cordel Hyde- PUP Senior Deputy
"I am troubled by this motion. I am wondering how we got our early calculations so wrong where this project is concerned. You are talking about 30% off base. You had an original loan agreement for Bz $54 million to pave this stretch of highway from Roaring Creek to Santa Elena and then you now come back to the honorable house and say you need $14 million more. Who is advising the government? I mean, what is happening here? But I think the revealing thing about this is that it reveals just how shady the Faber's Road project was. Here you are talking about 19.4 miles; to pave and outfit 19.4 miles and it is coming up at $68 million, close to $70 million, which would put a mile a road at $3.4 million, there about. And it is the bumpiest and ugliest mile of paved road we've seen in this country outside of Lake I Boulevard. Faber's Road cost us you know how much, madam speaker? $8 million. Those on the other side need to tell the honorable house exactly what it costs to pave a mile a road because it is $8 million in Belize City for a road that is subpar, a road that is ugly, is bumpy. If you are old and sick you can't go on that road because bad things will happen to you; if you are pregnant worse."
Hon. Rene Montero- UDP, Cayo Central
"Because a lot of land has to be acquired, madam speaker and these lands are very costly. That is the reason why we have that price for that road. Also, we are taking into consideration a lot of safety features. We are widening the road and all of these things. I didn't know that you were an engineer."
Rt. Hon. Dean Barrow
"I, in fact, am not at all dismissive of the honorable member of Lake I's queries. I believe that he is perfectly within his right to raise the issues and these are legitimate questions. Ultimately though, this is the safeguard that the member and all Belizeans have. You are not talking about a locally funded project. You are not talking about a locally conceived exclusively and implemented project. This project, from start to finish, has the backstop of the IDB. You can't try anything with the IDB, madam speaker. That is the ultimate fail-safe with respect to a project such as this."
The loan is on concessionary terms, for 25 years at LIBOR.
Email
Print