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US$18M deal signed for new North West ferry
Minister of Finance Winston Jordan (second from left) exchanging the signed LOC agreement with Exim Bank representative Sailesh Prasad (second from right) in the company of Minister of Public Infrastructure David Patterson (right) and Indian High Commissioner Mr. V. Mahalingam (third from right)
The government signed a Line of Credit agreement with the Export-Import Bank of India yesterday for the procurement of an ocean ferry to service the Georgetown to North West District route.
At the Ministry of Finance boardroom, Finance Minister Winston Jordan, signed the agreement on behalf of the government with the resident representative of the Bank in Washington DC, Sailesh Prasad.
The total cost of the ferry is US$18M. However, the first $8M will be provided by the Government of India as a grant. Depending on the progress the project makes, the additional $10M will be disbursed under the LOC.
Accompanying Minister Jordan was Minister of Public Infrastructure, David Patterson, who said that the Transport and Harbours Department has been encumbered with aging vessels.
He said that the MV Kimbia is awaiting repairs and the MV Barima is scheduled to be back in operation soon. Patterson said that the only vessel plying the Georgetown to North West route is the MV Lady Northcote.
According to him, the vessel can only reach areas such as Kumaka and Port Kaituma once every two or three weeks. He said that it is hoped that with the signing of this agreement and with the help of the Indian government the dilemma can be rectified.
Patterson made it clear that the vessel will not be made available immediately. He said the vessel is not an off-the-shelf item and that its parts have to be procured and fabricated before being shipped to Guyana.
Further, staff would have to be trained to operate the vessel prior to it being put into service. “So it is not an immediate solution but we will have a vessel capable of satisfying the needs of our citizens in the North West.”
According to the Finance Minister, the aging vessels have compromised the service offered to residents in the Barima Waini, North West District. “For years the residents of this area have complained bitterly about the impact of the service on their lives.”
He said that the introduction of the passenger and cargo ferry is expected to provide improved services to residents who commute regularly between Regions One and Four.
“Passengers and goods will now be moved at affordable prices in a safe, secure and reliable environment. This new ferry vessel will increase efficiency in operations by allowing passengers and freight to be conveyed more swiftly with fewer delays as a result of reduction in travel time.”
He said that the economies of scale are expected to improve through production, distribution and consumption thereby contributing the growth and development of Guyana.
According to Jordan, the signing of the agreement is just another tangible gesture of the Indian government’s support for Guyana’s socio-economic development.
“As you would recall, earlier this year, we signed a similar agreement for the construction of a bypass road between Ogle on the East Coast of Demerara and Diamond on the East Bank Demerara which is slated to commence in 2017.”
When asked what the duration of the loan agreement is, the High Commissioner of India Mr. V. Mahalingam said that it is for 20 years with five years grace period. The High Commissioner said that his government has already received the technical data and details of the vessel to be made. He said now that the agreement is signed his government will seek tenders to pave the way for the construction of the ferry.
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The first Maersk E class, 400 m, 18,000TEU ship took 7 months to build (27.11.2012 to 02.07.2013) at $190m.
Let’s trust that our wee little ferry won’t take 7 years.
And, and … US18M can build a good enough vessel for that route (which I am more than familiar with) so we will be on the lookout for something good ….
BTW we used to build ships in Guyana … what happened to that? Was it Sprostons?