Na h-Eileanan an Iar SNP MP Angus MacNeil has had discussions with the CEO of the Qatar Investment Authority, Mr Mansoor Bin Ebrahim Al-Mahmoud, on the possibility of funding tunnels being built in Scotland.
Following the discussions, Mr MacNeil said:
“We see in the Faroe Islands that tunnels are currently being built.
“Tunnels will require three strands to come into fruition – the political backing and will; the technical know-how; and the financial bridging between now and the future when they will be paid back as has happened in the Faroe Islands.
“A source of difficulty might be capital given the Scottish Government doesn’t have its own currency or borrowing powers, but there are pension funds across the world looking for investments that would yield a return so it can be a win-win situation.
“In the Faroes they have used the Canadian Teachers’ Pension Fund.
“Sovereign Welfare Funds are looking for investment opportunities that will yield a return.
“When I spoke to the Qatar Investment Authority, they were interested in the projects currently being considered in the Scottish Government consultation (The Strategic Transport Projects Review 2).
“I had been concerned that they might not be interested in the project because it was too small at £150 – 250m but they would look at it even despite its relatively small size for them.
“This goes to show the real possibility of funding our ferry replacement tunnels.
“One question that they had was how “bankable” islands tunnel projects were at the moment.
“I did point out that it was at an embryonic stage, and they said they would be interested to look again when proposals might reach the point of being a bankable proposition.
“They certainly didn’t discount the funding of tunnels, but they did also recognise that there could be other funds interested in partnering with either the Scottish Government or Comhairle nan Eilean Siar in delivering such a project that would inevitably provide a return, as has been happening in the Faroe Islands.
“It is technically possible; we know we can get the finance; and all we need to do is get the last piece, the political will, in place and we could transform connectivity in the Hebrides as the Faroese have done.”
