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Capital works projects on stream for airport=
Web Posted - Fri Feb 03 2006
By Regina Selman

Several major capital works projects planned for the Grantley Adams International Airport (GAIA), including four Passenger Boarding Bridges, the exten- sion of the Departure Lounge and additional parking positions for aircraft, are all on stream to take off as planned, in 2006. While an official deadline has not yet been issued for the projects, those at the helm of GAIA are planning to fast track the works and to have them completed prior to World Cup 2007.

According to GAIA Inc. Chairman Mr. Colin Brewer, Government has approved the architectural plans necessary to see the projects through, though GAIA is still at the pro- posals stage. However, he stressed that the emphasis will be on a strict timelime, for those getting contracts.

We are about to enter into a contract on the parking positions, but the other two we have to go out to proposal. So well be seeing what comes up in the proposal stage and then making decisions on the contractor and that will of course include the timeline. One of the conditions well be making in the request for proposals, is that theyre able to complete the works in (the) calendar (year) 2006, Mr. Brewer told the Barbados Advocate.

Mr. Brewer also noted that for the major works, GAIA Inc. will manage the contracts awarded via its engineering department or through a special project office. The Director of Engineering or the Project Manager, he indicated, would then be responsible for overseeing the contracts, and a consultant engineer would work alongside the contractor. GAIA does not anticipate additional staffing for these projects, however. None of these projects are complex, technical civil works and we dont anticipate that they are going to take a great deal of specific management time from our company, Mr. Brewer added.

Mr. Brewer, in giving the Chairmans Report for the year ended June 30, 2005, has indicated that, in advance of the full take-over of operations at the Grantley Adams Interna-tional Airport, the Govern-ment of Barbados charged GAIA Inc. with the res- ponsibility of facilitating payments to contractors, under Phase II of the Grantley Adams Interna-tional Airport Expansion Project (AEP). Payments to contractors are based on Requests for Payment certified by the Project Manager of the Govern-ments AEP Office. Addi-tional certification for the Terminal Works and certain other contracts, are also provided by the Con-sulting Engineer.

A look at GAIA financial statements show that, at June 30, 2005, the net amount of airport revenues deposited less airport expenditures funded was $33 242 005. At the same date, Government equity investment in the company stood at $115 840 304. At June 30, 2005, the company had incurred $125 279 581 for development costs and plant and equipment, related to the AEP Project. The total budget for the AEP, excluding VAT, is currently estimated around $200 million and of the total project, the Terminal Works contract, has a value of $122.6 million.

Up to June 30, 2004, funding for the AEP was solely by way of capital contributions from Gov-ernment. However, with Governments approval, during the fiscal year ended June 30, 2005, GAIA Inc. was able to obtain additional debt financing. Mr. Brewer noted in his report that such financing came through a $15 million loan from the National Insurance Board (NIS), a $40 million credit facility from FirstCaribbean In-ternational Bank and euro15 million loan from the European Investment Bank. Two of the three loans have been fully drawn down. Mr. Brewer, in his report, has commented on the need to make the airport rise higher.o



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