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Ports of Jersey has been allowed to more than double the amount of debt it can take out to fund its major upgrade plans for the Airport and Harbour.
Treasury Minister Ian Gorst, representing the States of Jersey as ultimate owner of the incorporated company which runs the island’s ports, has recently made a Ministerial Decision approving a request to increase Ports’ debt ceiling from £60m to £150m.
Explaining why, Ports of Jersey CEO Matt Thomas said that the company was independent of Government, which is why it needed to fund its own capital projects.
He added that Ports had a significant programme of works ahead, including the redevelopment of the Elizabeth Harbour and soon-to-be finalised plans for the Airport.
“The level of debt asked for his pretty modest compared to other ports, and setting this limit then allows us to work out what form of debt is best, and then have our financing ready for when, hopefully, we get planning permission for projects such as the Elizabeth Harbour,” he said.
Pictured: Ports of Jersey CEO Matt Thomas.
Mr Thomas explained that banks were usually supportive when lending to develop such assets as harbours and airports as they regarded them as a safe return, particularly in a place like Jersey, which has one of each.
The redevelopment of the Elizabeth Harbour is currently going through the planning process, while a ‘masterplan’ for the Airport will be going to the Ports of Jersey board for consideration this autumn.
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