City Gate works on schedule, but no ‘national investment fund’ yet

Prime Minister Lawrence Gonzi and Transport Minister Austin Gatt today said works on Renzo Piano’s City Gate were on schedule and going according to budget, but a government spokesman also told MaltaToday the finance ministry had to set up the fund that will finance the €80 million project that includes a new parliament building.

MaltaToday was told the ministry “would need a couple more weeks” until details would be announced.

The fund was originally intended to raise revenue through the sale or lease of government properties, so that the Valletta renovation project “would not be a burden on the taxpayer”.

An estimated €40 million has already been paid up in advance. The measure was announced in 2009 during the budget, when Minister Tonio Fenech said the new parliament and theatre would themselves be an investment for the fund, which would in turn rent these buildings to the state.

In 2008 alone, €32 million had been generated from the rent, sale and leasing of government land. The government planned to raise this income by increasing its revenue from the sale of public lands.

Speaking during a visit to the construction site where works are ongoing on the demolition of City Gate, Gonzi expressed satisfaction that works are finally underway and that Valletta would be soon having a gateway suited for “modern times”.

He said this project would be “an open invitation to all to enter Valletta, Malta’s prestigious capital city”.

Gatt added that the public will be expected to return to enter through the main gateway within the next few weeks, which so far is blocked for safety reasons.

The works are being conducted by a Maltese consortium of contractors B.I.B (Bieb il-Belt) comprising of Blockrete, Panta Lesco, Ballut Blocks and Attard Bros. The works on the parliament and theatre building have been entrusted to Polidano Group. The project management is entrusted to Bovis Land Lease, which is in the process of issuing tenders for the stone masonry that will make the new gate as well as the parliament house.

Stones from a Gozitan quarry will be used for the parliament and the theatre, while Maltese quarries will provide the huge slabs for City Gate.