THE HOPE Road Improvement Project is being implemented at a cost of $265 million, Minister of Transport and Works, Dr. Peter Phillips, has informed the House of Representatives.
Answering questions posed by Government MP, Ronnie Thwaites (Central Kingston), the Minister said Tuesday the basic cost was $245.9 million, plus $19.4 million for fluctuations in labour and material prices.
Dr. Phillips said that there have been no overruns on the agreed costs, or for works performed in respect of water and sewer mains, property of the National Water Commission.
The road works are being funded through an extension of the existing deferred financing arrangement. The expenditure on the water and sewer mains will be to the NWC's account.
Speaking to another road project, the Northern Coastal Highway segment one, the Minister said too there would be no further call on the 2000-2001 Budget, as a result of revised arrangements with Korean contractor, Bosung Engineering.
He said that most of the remaining work would be done by nominated local sub-contractors through deferred financing agreements.
