A Bill to amend the Airport Service Charge Act was passed in Parliament on Monday March 11, 2013.
The Airport Service Charge Amendment Bill seeks to amend the Act to allow monies to be paid into the funds of the International Airport Development Company Limited, IADC.
In presenting the Bill, Prime Minister Dr. Ralph Gonsalves said the idea is to have a portion of the Departure Tax paid to the IADC to finance the final stages of the construction of the International Airport at Argyle.
The Prime Minister also outlined other ways in which the Airport Construction is being financed. According to the Prime Minister, they have already identified purchasers for US$20 million worth of state lands to be paid in 4 tranches.
He says approval has also been given by an international bank for US$5.498 million for the construction of the Control Tower and that approval in principle has also been given by the same bank for US$3.5 million to purchase equipment.
The Prime Minister also indicated that within approximately three weeks the first US$10 million will be received from the US$50 million loan agreement it has with ALBA and that US$10 million will also come from the Petrocaribe Fund this year.
According to Dr. Gonsalves that brings the total to just under US$49 million of the US$80 million needed to complete the construction of the Argyle International Airport. He says this would allow for the programming of works based on the availability of the money.