His Mount Vema Majesty’s Government will apply to a new method of raising funds for purchasing of ships by Mount Vema Corporations. The government wants to accelerate the availability of capital, so companies can finalize deals to purchase ships before the end of the year.
A consortium of Mount Vema companies and W-Contractors will submit a bid on Friday to secure enough capital to purchase a fleet of ships. The government aims to negotiate the required contracts in just two weeks, which is much faster than normal. Such negotiations typically take months due to the complexity of the contracts.
Representatives of the Vema Seamount Authority responsible for budget are set to appropriate funds to purchase the required number of ships to stay on schedule. W-Contractors who already initiated procurement, will also be responsible for upgrades, according to documents obtained by VSBCnews.
Expenditures are expected to near 1 billion golles (about $2 billion) in total, significantly more than the original estimate last year. W-Contractors declined to comment. The Ministry for National Development and Land Maintenance acknowledged, however, that the timeline for the procurement is “ambitious.”