Build Mauritius Fund: STC contributed Rs 2.1 billion

The total amount contributed by the State Trading Corporation from January 2015 to April 2016 totalled Rs 2.1 Billion. This information was given by the Minister of Finance and Economic Development, Pravind Jugnauth in reply to a private Notice Question put to him by the Leader of the Opposition, Paul Bérenger at the National Assembly on Tuesday 7 June 2016. In his PNQ, Paul Bérenger wanted to obtain information on the amount of money contributed to the Build Mauritius Fund from the price of diesel and petrol by the STC since January 2015 to date. In his reply, Pravind Jugnauth recalled that the Build Mauritius Fund was announced in the 2014 Budget Speech with the objective of financing infrastructure projects including road, transport, utilities and development schemes. The fund was set up initially with financial resources to the tune of Rs 4.7 billion transferred from the Consolidated Fund, comprising Rs 4.3 billion as a loan and Rs 400 million as contribution from government. In January 2014, the regulations regarding sale of petroleum products were amended to provide for a contribution of R 1 (one rupee) per litre on both Mogas and Gas Oil to the Build Mauritius Fund to finance the Bus Replacement Scheme. The STC price structure for petroleum products was further amended on 16 January 2015 to increase the contribution to the Build Mauritius Fund from one rupee to Rs 4 per litre. The additional Rs 3 to be used essentially for investment to upgrade and modernise the water supply and distribution network. The Minister of Finance announced that the amount of money available in the Fund as at 31 May 2016 was Rs 4.7 billion. He added that no money from the Build Mauritius Fund has been used to reduce public debt; that an amount of Rs 3.6 billion for the period 2015-2018 has been earmarked for the CWA to undertake 17 priority projects and the construction of five service reservoirs; an amount of Rs 1 billion has been used in respect of the Bagatelle Dam project. During the current financial year, the CWA has replaced about 80 kilometres of defective water pipes at a cost of Rs 650 million financed from its own funds.