IN order to relieve the financial burden of the people of Mahaica-Berbice (Region 5) and East Berbice-Corentyne (Region 6), the Government of Guyana has moved to reduce the Berbice Bridge tolls, with the possibility of subsidising the Berbice Bridge Company Inc. (BBCI). Minister of Governance Raphael Trotman, while chairing the weekly cabinet press briefing yesterday, said this reduction is in keeping with the new Administration’s first 100-day plan and is intended to ease the financial burden faced by everyday users of the bridge.
In due course, Trotman said, Finance Minister Winston Jordan will announce the rationale for the reduction while presenting the national budget, come September. Minister Jordan, he added, will therefore work closely to negotiate with the Berbice Bridge Company to cushion their concerns.
Trotman added that the Government, since assuming office has been hearing the cries of the people of Regions 5 and 6 to lower the tolls of the bridge. In this regard, he said, Government felt the need to step in and work with the company to “mutually” relieve the burden of the heavy cost of travel across the bridge.
In this regard, Trotman said that Government will not “dictate,” but will rather negotiate with the company the possibility of a subsidy to ensure that the tolls are lowered.
“Government has no intention of interfering with the company’s right to a rate of fare or rate of returns on their investment,” declared Trotman.
During the election campaign, President Granger had made it clear that if elected, his Administration would pass legislation to ensure that the Berbice Bridge toll is reduced and will ensure that the tolls are not “punitive.”
“Schoolchildren cannot get to school on time, traders, businessmen, ordinary commuters; it is punitive, it is a drag on development in West Coast Berbice and East Berbice/ Corentyne,” said the then presidential candidate of the APNU/AFC coalition.
In furtherance, President Granger at that time had said if the Berbice Bridge Company is not in favour of reducing the tolls, they would negotiate with the company in order to give the people of East Berbice more reasonable tolls than what existed.
Now nearing its 100 days in office, the Granger Administration remains committed to its 100-day plan.
The Berbice Bridge was opened in December, 2008 with its ownership structure made up of ordinary share capital of $400 million. Its private investors are the National Insurance Scheme, the Guyana Pharmaceutical Corporation (GPC), Queens Atlantic and Secure International Finance Company, the Hand-in-Hand Insurance Company and Demerara Distillers Limited (DDL). Some of these entities have invested $80M and $40M into the construction of the Berbice Bridge, while the NIS owns preference shares of $950M.
Though the controversy of the Berbice Bridge Company owing the private entities a return profit still exists, Trotman said relieving people of the burden is at the moment, “paramount” to any controversy, hinting specifically at the NIS.