Dear Editor,
Please allow me to ask Minister Lee, publicly, to release the financing details of his newly proposed medical centre. While the contract was awarded to the lowest bidder that does not necessarily mean that ownership will cost the least amount of money.
The financing terms will illustrate the true cost of this project to the taxpayers of this island.
In this day and age of 1to 1.5 per cent interest rates on the open money market, any financing rate over 2.5 per cent APR would be a rip-off. Case in point; US $60 million at 2.5 per cent, over 20 years will cost us the taxpayers a total of $76 million over the life of the loan while 6.5 per cent over 20 years will cost $107 million or $31 million in additional interest charges.
So, I ask Minster Lee to please publish the financing terms of INSO for the sake of Transparency, as the Devil is always in the details.
Name withheld at author’s request.
