…company applies for toll hike, losses $2.8B
…Govt says no to increase
More than a decade after a Public Private Partnership (PPP) agreement allowed the construction the Berbice Bridge; the bridge company is now facing bankruptcy following the Government’s decision to drop the toll and subsequent refusal to allow for an increased as per the initial agreement when the company was formed
According to Board Chairman Dr Surendra Persaud, they have had several engagements with Minister of Public Infrastructure David Patterson. He noted that following a previous engagement, Patterson had informed them that a maintenance proposal would be taken to cabinet.
According to the Chairman, they were subsequently informed that it was not approved. In fact, the company applied for a toll adjustment on three occasions; twice in 2015 and once in 2016, to no avail. They have since made another such application, dated July 9. In that application, the company had requested that the toll increases take effect by August 1.
