The Airport Authority has reassured lawmakers that it will have enough money to build the third runway at Hong Kong International Airport. File photo: RTHK
The Airport Authority (AA) and the government have both promised that taxpayers’ money will not be used to cover any cost overrun for the construction of the third runway at Hong Kong International Airport.
But speaking at a Legislative Council subcommittee meeting, the AA’s Chief Executive Officer, Fred Lam, said each year’s delay to the project will add an additional HK$7.2 billion to the cost. He said in case there is a cost overrun, the AA will raise funds itself instead of asking the government to foot the bill.
Lam also told lawmakers that a number of banks have assured the AA that they would be able to provide sufficient loans, adding that the authority has "very good credit ratings".
The Under Secretary for Transport, Yau Shing-mu, said the government has no financial commitment in the project.
However, Civic Party lawmaker Kwok Ka-ki said he was not convinced by the reassurances. He pointed out that the Hong Kong government was the sole shareholder of the AA, and would eventually have to foot the bill in case there is a cost overrun.
http://news.rthk.hk/rthk/en/component/k2/1233671-20160105.htm
