Berbice River Bridge crossing: Govt to partner with private investors to lower tolls – Pres Ali

President Dr Irfaan Ali has announced that the Government is currently engaged in a plan that will see the tolls for the Berbice River Bridge being reduced.
The cost to cross the river by bridge has been an issue raised by several stakeholders, arguing that the current cost has resulted in commodities reaching Region Six (East Berbice-Corentyne) at significantly higher prices.
Producers have also been complaining about the bridge toll to get their produce to the capital city of Georgetown.
The Berbice River Bridge is the link between Region Five (Mahaica-Berbice) and Region Six (East Berbice-Corentyne).

Speaking at the sod-turning ceremony for the new US$161 million modern hospital in New Amsterdam, Region Six, President Ali said his Government is seeking to make it much cheaper to cross the Berbice River Bridge.
“We are in the process at the policy level of formulating a plan to work with the investors in the Berbice Bridge, to have the Government play a greater role because we have to carry the maintenance cost, and all of this is aimed to make it much easier and cheaper for you cross the Berbice Bridge. That is coming very soon,” President Ali said.
While no timeframe was given, the Head of State said there are also plans to build a new Berbice River Bridge.
“We are accelerating the plans for a fixed high-crossing bridge across the Berbice River just like the one we are building across the Demerara River,” the Head of State said.
In 2020, Vice President Bharrat Jagdeo first publicly announced the Government’s plans to construct a new bridge across the Berbice River.
Back then the Vice President, who was addressing members of the West Berbice Chambers of Commerce at De Edward, was speaking of the Government’s plans to construct a new road from Moleson Creek to the Berbice River Bridge.
He pointed out that the new road will be the link from the soon-to-be-constructed Corentyne River Bridge which will bridge Suriname and Guyana.
Speaking on that issue on Sunday, President Ali said the Government is in the final stages of signing an agreement between Guyana and Suriname for the construction of a bridge across the Corentyne River.
In explaining the financing of the bridge, now Vice President Bharrat Jagdeo had previously said that the National Insurance Scheme (NIS) had invested in Bond One of the project, $300 million. The scheme received (not principal payments) $270 million, a 90 per cent return on their investment. NIS also invested in Bond Two, $760 million, and received $823 million in return. The company also invested $500 million for subordinate debt (loan stuck) $456 million and is now owed $207 million. Preference shares invested was $950 million. They were paid back $163 million and are owed $507 million. Some $80 million was invested in common shares with zero returns so far.
This means that the ownership structure of BBCI is made up of ordinary share capital of $500 million owned by private investors and preference shares of $950 million owned by NIS. The bridge has a wide cross-section of investors including various pension schemes, insurance schemes, local banks as well as private companies and NIS. (G4)