Hong Kong transport chief confident in Airport Authority plan to raise HK$69 billion in loans for third runway
He also dismisses need for government to act as guarantor amid doubts about operator’s ability to repay debt
Hong Kong’s transport minister has expressed confidence in the Airport Authority’s plan to raise HK$69 billion in loans by itself for the construction of a controversial third runway.
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A number of democratic lawmakers feared the government would be forced to bail out the authority – a statutory body wholly owned by the administration – should it run into financial trouble.
Chan stressed in his opening remarks that officials had always kept an eye on the project’s commercial arrangement and risk management.
The cost estimate is based on the project being completed without a budget overrun
“From our understanding, the Airport Authority would continuously assess the relevant risks and take relief measures when necessary,” he said.
“Its financial consultant also reiterated there was no need for the government to provide financial support or guarantee of any kind in the funding proposal.”