PORTS of Jersey has been allowed to borrow up to £150 million of debt to fund its major upgrade plans for the Airport and Harbour.
Treasury Minister Ian Gorst, representing the States as ultimate owner of the incorporated company which runs the Island’s ports, has recently signed a ministerial decision approving a request to more than double the Ports’ debt ceiling from £60m to £150m.
Ports of Jersey chief executive Matt Thomas said that the company was independent of the government, which was 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 is 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.
Mr Thomas explained that banks were usually supportive when lending for the development of assets such as harbours and airports as they regarded them as a safe return, particularly in a place such as 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 presented to the Ports of Jersey board for consideration this autumn.
