FS: Airport Core Programme in full swing
The Financial Secretary, Sir Hamish Macleod, said today (Monday) that the Government would approach the Finance Committee for additional funding for the new airport this month as construction work on the Airport Core Programme (ACP) would be in full swing this year.
"The Government has now obtained 90 per cent of the funding required for the seven Government projects in the ACP and will ask the Finance Committee for a further $2.43 billion for the construction of Government facilities at the new airport later this month."
"We also intend to approach the Finance Committee for some $5.2 billion as the balance of equity funding for the new airport early this year," he added.
Sir Hamish pointed out that more major contracts would be awarded in the next few months for the construction of the passenger terminal building and for the terminal's building services.
Other major contracts, including those for airfield works, would be let as the year progressed.
A total of 102 major contracts worth over $65 billion had been awarded so far for the 10 projects in the ACP.
Sir Hamish was satisfied with the significant developments in funding arrangements and construction work relating to the new airport in the past year.
"The signing of the Sino-British Agreed Minute which sets out the debt and equity levels for the Provisional Airport Authority (PAA) and the Mass Transit Railway Corporation (MTRC) was an important step forward for the ACP.
"Approval by the Sino-British Land Commission for the allocation of all the necessary land for the airport and the Airport Railway was another encouraging development," he said.
Looking ahead, the Financial Secretary hoped that an early agreement on the Financial Support Agreements for the PAA and the MTRC could be reached between British and Chinese experts. An early agreement on the Airport Bill and the airport franchises would also be needed.