NSW government guarantees loan to bail out CBD light rail


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“What you are suggesting, and what game you are playing demonstrates clearly you do not understand how public-private partnerships work,” Mr Constance said, responding to Labor MLC Daniel Mookey’s interrogation.


At the conclusion of the estimates hearing, Mr Constance read a statement to the committee clarifying that the NSW government was acting as a guarantor to a private sector loan.


The 12-kilometre long light rail project, which will connect the CBD to Sydney’s south eastern suburbs, has become a rolling headache for the Berejiklian government, amid cost blowouts, delays and legal suits.


Spanish company Acciona, one of the contractors in the ALTRAC consortium, is currently suing the government in the NSW Supreme Court for $1.2 billion in damages for “misleading and deceptive conduct”.


Mr Constance said the latest advice from ALTRAC was the its forecast for completion of the project by March 2020, a year later than originally planned.


Article source: http://smh.com.au/domain/domain-news/latest-news/splitting-a-block-in-two-things-to-consider-before-you-invest-20170220-guh4c4.html

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