On Thursday, November 23, Parliament approved supplemental estimates totaling $74 million for the Port Modernization Project in Kingstown. Camillo Gonsalves, Minister of Finance, tabled the Supplementary Estimate Bill.
The sum represents the difference between the amount allocated for this year and the amount actually spent; it also represents the difference between the amount budgeted for this year and the amount actually spent.
He added that the Canadian company Aecon and the German engineering firm Sellhorn are also working on the $247 million project.
“The budgeted $125 million for this year has already been spent.” The project cost $108.5 million to complete last year. There is still work to be done by the end of 2023, as well as a number of outstanding invoices.”
The minister also indicated that concerns related with a drought in the Panama Canal will not have an impact on material procurement for the project.
According to Gonsalves, acquiring blocks from local block makers is a challenge since they sometimes fall short of their quota, forcing blocks to be imported from overseas.
According to Gonsalves, the port project has already poured more than $70 million into the local economy and is on track.
