Finance Minister Bob Richards has announced the conclusion of an independent appraisal of the controversial airport redevelopment project.

According to a statement, the appraisal looked specifically at the method of procurement for the project using the Canadian Commercial Corporation (CCC).

Mr Richards said: “In order to improve the value of this unique proposal, and recognising the anxiety in the public domain with regard to the proposal, the Ministry of Finance, in conjunction with Her Majesty’s Government in London engaged the services of Deloitte, following a competitive tendering process, to conduct an independent appraisal of the method of procurement for the redevelopment of Bermuda’s airport using the CCC.

“The purpose of this engagement was to evaluate the business case, value for money and affordability of the existing proposal and to provide a high-level cost effectiveness opinion for the proposal being put forward.

“The engagement was commissioned in March 2015, and also assessed whether the existing analysis and documentation on the proposed Bermuda Airport development was sufficient to support an investment decision based upon HM Treasury’s Green Book guidance for the evaluation of public sector spending proposals.

“It is important to note that HM Treasury’s Green Book’s prescriptions assume a competitive bid process and that the Bermuda Government is not obliged to follow “Green Book” standards, however the Green Book guidance is some of the highest in the world with regard to public sector procurement, so we shall use the findings of the Deloitte report to enhance the project moving forward.

“Considering where we are in the process, we still have opportunities to close the gaps identified in the Deloitte report before entering into any contracts. The government is certain that the Deloitte report will add substantial value to the project, both by improving value for money for the Government of Bermuda, and by further reducing risk.”

Mr Richards also said that, following discussions with the Foreign and Commonwealth Office (FCO), the Deloitte report will be tabled in the House of Assembly.

The Progressive Labour Party has repeatedly voiced concerns about the One Bermuda Alliance’s handling of the redevelopment project. A PLP motion that would have required the contract to go to tender was rejected by the House of Assembly on Friday by a vote of 19 to 12, with members voting along party lines.

A delegation of PLP MPs have since travelled to Britain, and are today scheduled to meet with representatives from the FCO to discuss their concerns.