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The GSD’s Misconceptions on the Eastside Project Clarified – 205/2023

By April 5, 2023 No Comments
  • Public records will clearly demonstrate GSD’s allegations to be baseless

HM Government of Gibraltar acknowledges the GSD’s recent press release attempting to cast doubt on the significant vote of confidence in Gibraltar which is represented by the completion the conveyance of the Eastside Project for £90M.

It is essential to address the GSD’s unfounded claims, which could potentially harm Gibraltar’s reputation.

The Government emphasises that all funds paid as the £90M premium for the Eastside project have been sourced from TNG Global Foundation and are entirely independent of the Government, Credit Finance Company Limited, and the Gibraltar Savings Bank and are not otherwise connected to any sources of funds originating from the Government.

Additionally, the lease in question will be registered and publicly available, providing full transparency of the terms of it.

The GSD’s assumptions and allegations are, therefore, as usual, entirely erroneous and incorrect.

Furthermore, as highlighted in this morning’s Government press release no. 201/2023, and further reiterated by the Chief Minister on GBC’s Gibraltar Today Programme, TNG Global Foundation has already invested millions of pounds in the Eastside Project, covering professional fees for planning and the construction of the revetment for Hassan Centenary Terraces Phase 2.

The Chief Minister, the Hon Fabian Picardo KC MP, stated: “Once more, the GSD demonstrates its willingness to resort to any means during an election year to unjustly discredit the Government, even at the expense of Gibraltar’s reputation. The public will not be deceived by the constant and unconstructive GSD sniping.  What will be evident for all to see is that all funds paid in this regard originate from TNG Global Foundation, and that the Government has secured an outstanding deal for Gibraltar and its citizens with this project which will herald huge, positive economic impact for decades to come.  The GSD’s unfounded criticism, however, will be no more enduring than second hand fish and chip wrapping paper tomorrow.  The transformation of the Eastside will be remarkable and will significantly benefit our community.  That is what the Government has delivered and what TNG Global Foundation has financed for itself, without any Government or Government related financing sources.  What is hugely disappointing for everyone in our community is that instead of being pleased for the benefits for Gibraltar and for Gibraltarians of all political parties, the GSD instead immediately reach for the standard criticism press release, whatever the negative effect on Gibraltar.  Same old disappointing GSD.  Not ready to support things which are good for Gibraltar.  Not ready for Government.”