Ports of Jersey gets green light to borrow £150m

Ports of Jersey has plans to redevelop the harbours area

Ports of Jersey has been granted permission to borrow nearly £100m more than its current limit for work on the harbours and airport.

The States-owned firm wants to borrow up to £150m, a potential boost in spending power from its current limit of £60m.

Ports of Jersey has revealed previously its plans to expand the harbours area to make more space for freight and passengers.

The permission now granted by the treasury minister comes with some conditions.

These include briefing treasury minister Deputy Ian Gorst on any loan arrangements before they are agreed.

Mr Gorst must also be handed a final Outline Business case for the Harbour Master Plan once it is approved by the Ports of Jersey board, the States documentation said.

The paperwork also made clear that the deputy would not guarantee any loans taken out by the company, or write a letter of support to potential lenders.

The Ports of Jersey must also seek the consent of the shareholder before it borrows any funds.