KINGSTOWN, St. Vincent, Feb. 19, IWN — The government may have to do some commercial borrowing to source the US$80 million it hopes to raise to complete the international airport at Argyle in time for the 2013 completion target.
Prime Minister Dr. Ralph Gonsalves said he agrees with accountant, Brian Glasgow, that this may be a reality but added that his government will try to keep commercial borrowing to a minimum.
Glasgow, speaking at the First Citizens Investment Services 2013 Market Outlook seminar earlier this month, said the reality is that in addition to grants, concessionary loans, and land sales, commercial borrowing is needed to complete the EC$652 million project.
“That’s the way I want to do it. I mean through concessionary loans, I want to do it through land sales and I want to do it through grants,” Gonsalves said.
“There is one thing, which is missing there, equity also. Somebody wants to put in equity; say, they want to put in $20 million, an entity, a country, or an agency of a country want to put in some money out of this $80 million as equity.
“But we may not get it through those preferred measures. So, if we don’t get it through those preferred ways, we have to do some commercial borrowing,” said Gonsalves, who is Minister of Finance.
“I heard Brian Glasgow. He made the point correctly and I agree with him. We have to do as little commercial borrowing as possible, which is what we have been doing,” the Prime Minister said.