Reports issued last week by the Bermuda Government to support the proposed airport development were “recently done, but our analysis was done up front”, according to Bob Richards, the Minister of Finance.

The project was announced on November 10, 2014, but Mr Richards said he had been “acutely aware” during his years in Opposition of the financial constraints, and called upon his years in financial services industry when he first decided the deal was “worth pursuing”.

As MPs prepare to debate legislation for the project this Friday, Mr Richards expressed confidence that the bills would be approved in Parliament.

“We are ready for any battle,” the minister said when asked if he expected a rough day in the Lower House.

The Government last week issued a business case for the project, along with a value-for-money assessment from the independent transport consultancy firm Steer Davies Gleave.

The analysis concludes that the Government is “taking the best course of action, under our current circumstances”, Mr Richards maintained, emphasising that the reports “show that the analysis was done”.

Speaking two years after the first agreement was signed with Canadian Commercial Corporation, the finance minister added: “I never thought it would take this long. I guess I’m naturally optimistic.”

While ground has technically already been broken in connection with the project — with the rerouting of a jet fuel pipeline at L.F. Wade International Airport — the rest of the job is “a little behind schedule”, he said.

Aecon, CCC’s chosen contractor, still has to raise its own financing, which cannot commence until legislation is passed, and the project goes to financial close.

Asked if the project would have enjoyed more support from the Bermudian public if it had been put out to tender, Mr Richards replied that “we would have wasted another ‘X’ years” if the Government had followed a traditional approach.

“I would like to point out that there has never been an off-balance sheet tendering process that has been successful for an airport of this size,” he said. “Never. They have tried it in a few other islands, and it has not worked. Some folks have this notion that the tendering process is magical. It isn’t. All you have to do is look around Bermuda and see what it’s cost us in overruns ... it goes back to the United Bermuda Party days. You had major projects run amok.”

While the building of the hospital’s acute care wing represents the undertaking of a major previous public-private partnership, the minister said that even that deal had not been wholly off the Government’s balance sheets.

Mr Richards insisted that “if you look at the risk and reward, we have got the best deal here”, and said that the public would “rightfully kick my backside to the kerb” if the project had incurred more debt.

He also said that there was “a commonly held misconception” that 30 years of revenue would be leaving the island for Canada.

“There is revenue being transferred to the entity we call Project Co for now. The notion that it goes to Canada is totally false. That money is going to go to operate the airport and pay salaries. It’s going to go to maintain the airport, to pay the interests on debt, to pay back the capital on debt.”

Once Aecon recoups “about $63 million in dividends”, the revenue generated by the airport will be split “50-50 with the Government of Bermuda”, Mr Richards said.

Acknowledging the presence of a smattering of protesters today outside Parliament, Mr Richards said he had nothing against such groups.

“I met with them before at Devonshire Rec. It was not pleasant.”

However, the minister said: “That’s the nature of democracy.”

• To read Mr Richards’s statement in full, click on the PDF under “Related Media”