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25 years ago - The Times Friday, May 20, 1994 Freeport loan: du Puis denies MLP’s claims The government has denied Labour Party claims that it was not known how the $205 million international loan taken up by the Malta Freeport to finance a second terminaWhat happened on... May 20
25 years ago - The Times Friday, May 20, 1994 Freeport loan: du Puis denies MLP’s claims The government has denied Labour Party claims that it was not known how the $205 million international loan taken up by the Malta Freeport to finance a second terminal would be paid back. Rebutting criticism by Labour MPs Charles Mangion and Lino Spiteri, Economic Services Minister George Bonello du Puis said the information had been public and available at the Department of Trade since March. An interest rate of 7.5 per cent was being charged on loan, it was being guaranteed by the government and will be repaid by 2009, he said. Dr Bonello du Puis said the Freeport’s income of $20 million a year would increase soon when the first phase of Terminal One became fully operational and the number of containers it could handle increased from 300,000 to 560,000. The quay had been extended from 650 to 1,000 metres, the equipment was bought, training was taking place and the terminal would be fully functional soon. Terminal Two was in the meantime being built and the first phase would be operational next year. The project is expected to be concluded in four years’ time. Half a century ago - Times of... Read more