The Airport Development Agreement (ADA) between the Bermuda Government and the Canadian Commercial Corporation has been published to the Bermuda Parliamentary website www.parliament.bm after being tabled in the House of Assembly by Deputy Premier and Finance Minister the Hon. E. T. Richards JP MP last month.
Signed last summer, the ADA signaled the start of a phase which could ultimately result in financial close of a development which would not add to Bermuda’s national debt.
This re-development of the L.F. Wade International Airport is designed to replace an ageing and crumbling infrastructure with a purpose-built, 21st Century terminal for civilian air traffic.
The project calls for the employment of hundreds of Bermudians initially and an increase in the number of long term jobs connected to the new facility, going forward.
It also calls for an injection of hundreds of millions of dollars of foreign capital into the Bermuda economy.
The modern facility will ensure global aviation safety standards required of air terminals well into the future, with contemporary jet bridges to protect embarking and disembarking passengers.
The project allows the Bermuda Government to work with first class, experienced companies in the design, financing, building and operation of the airport, providing Bermudians and visitors with a safer, more comfortable and pleasant travelling experience.
Deputy Premier and Finance Minister the Hon. E. T. Richards JP MP said the opportunity to work with prime contractor CCC and the experienced Aecon team is a bonus for Bermuda.
He said, “There are substantial advantages to the Government’s course in this re-development project.
“Not the least of benefits is the ability to work with the Triple-A-rated Canadian Government and obtaining guarantees against cost over-runs, shoddy workmanship and time delays. These have been the biggest issues plaguing Bermuda’s history of infrastructure development. And it has cost the tax-payer hundreds of millions of dollars in unnecessary expenditure.
“It is time for that to stop. We are today, and for the foreseeable future, paying for the sins of the past.
“But we are on a course toward getting Bermuda back to the days of a balanced budget. Even then, our work will not be finished. We will still have to find additional revenues after that to pay off a multi-billion-dollar debt.
“This means it is crucial that we exercise prudence in our fiscal policy. This project is just one aspect of that strategy and notably, it does not impact the treasury and add millions of dollars more to the Government’s debt.”