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The Mgarr Marina in Gozo is to be modernised by private investment after an agreement was signed between the Government and Harbour Management Limited. This agreement was signed in the presence of the Minister of Infrastructure, Transport and Communications Austin Gatt and the Finance Minister Tonio Fenech.
Minister Austin Gatt explained how the privatisation of the Marina in Mgarr, is a result of a process during the course of the past year, the process involved a detailed study of all existing marinas and others which may be developed, the study followed a process of consultation and meets the main objective of the Malta Government to serve as a center of excellence in maritime services.
The Minister Tonio Fenech explained that privatisation, should serve as an incentive for the local economy, especially within the tourism sector, as the company is established and has substantial experience in this sector can, leading to an improvement of the marina.
Tonio Fenech explained how the concession agreed between the Government and the Harbour Management Company Limited (HML) includes an advance payment of € 513.00 and a payment to Malta Transport, of an annual concession fee, in advance, of € 60,000 to increase by 10% every five years. The total lease for 25 years will be € 1,831,530 or € 1,371,179 when calculated under the net present value. HML will be responsible to operate, manage and develop the marina which contains about 200 spaces for mooring, in such a way that ensures its sustainability. The agreement also provides an additional payment in case of an increase in the number of moorings in the marina.
On its part the company will invest a total of € 340,000 in the development and modernisation of the marina.