Italy To Build World's Largest Suspension Bridge

Plans by the Italian government for the controversial suspension bridge which is to arch between the mainland and Sicily, are to continue despite continued criticism from the public.

The six billion euro, two-and-a-half mile bridge across the Strait of Messina has been seen as a project which, due to the distance it spans, might not be particularly a wise undertaking as the area is prone to earthquakes. "It's true that it costs six billion euros but this is the project and we're not going back on it," Altero Matteoli, the public works minister, told Italian radio.

The vision for this project is not entirely new as Silvio Berlusconi, the prime minister, when he was in office in 2001-2006, first proposed the idea but was quickly abandoned by his center-left successor, Romano Prodi, amid concerns that it would mostly benefit construction firms run by the mafia. Prodi voiced his disdain for the bridge as he labeled it a vanity project and "the most useless and harmful infrastructure plan of the past 100 years!"

But guess who was re-elected prime minister? Yes. Silvio Berlusconi! And he has put the bridge project back on track as he insists that it will be able to handle nearly 5,000 cars an hour as well as high-speed trains, create thousands of jobs, boost tourism and improve transport links between the 'toe' of the Italian mainland and Sicily, replacing old ferry services.

I think that this is a good and innovative idea and disagree with critics that feel that the sheer size of the project make it unfeasible. If Dubai has thought us anything, it is that nothing is impossible. This will be a major icon in Europe when completed and will indeed stimulate the Italian economy though I do think that the six billion euros budgeted for its completion is unrealistic and will be closer to 20 billion when you factor in cost overruns, mismanagement, delays, union interference.




Image obtained from: www.telegraph.co.uk

Nigerian Government Signs $16 Billion Infrastructure Investment Contract With UAE

Abuja — The Federal Government yesterday signed a $16 billion investment bilateral agreement with the United Arab Emirates (Dubai) to improve basic infrastructural facilities in the country.

Attorney-General of the Federation and Minister of Justice, Michael Kaase Aondoakaa (SAN), who signed the bilateral cooperation agreement on behalf of the Federal Government, said the country stood to benefit a lot from the partnership, adding that Dubai has vast experience in technology and sound management of investment portfolios.

He said Dubai World Corporation, owned 100 per cent by the Dubai government, would be directly involved with the provision of the basic infrastructure thereby complementing the government budget targeted at the real sector of the economy.

The agreement covers areas such as dams, electricity, agriculture, mineral resources and the development of the Federal Capital Territory (FCT), among others.

Speaking further, the Justice Minister said the Nigerian Ambassador to the UAE, Alhaji Bashiru Yuguda, and President Umaru Musa Yar' Adua had demonstrated their commitment to the development of the critical sectors of the economy including the Niger Delta area where some of the investment would be made to impact positively on the lives of the dwellers in the region.

Also speaking at the occasion, the FCT Minister, Senator Adamu Aliero, said the ministry would shift from the old order of providing infrastructure without recouping the money to address similar problems in other areas of the territory.

According to him, henceforth, government would provide amenities like roads, electricity and water and recover the expense and use the money to solve the problems in other areas, adding that by so doing, development would go round.

The Dubai government was represented by a team led by Sultan Ahmed Ibn Sulayin who said, "Our focus will be in Nigeria. The Bilateral agreement will be with the Nigerian National Petroleum Corporation (NNPC).

On the global financial crisis, Sulayin said, "The world have always overcome and passed through financial crisis and this will not be different. Even within the crisis period, we see opportunity to make things happen for the people of the world. It is good to have experience. Those who have experience will survive it and those who do not have experience and are weak will disappear.

"The crash in world financial market was being experienced since 1987 and many economies have experienced it and became stronger afterwards."

Earlier, President Yar'Adua had told the Dubai delegation that Nigeria's laws and regulations had made the country the best investment destination in the world.

"We have the necessary legislations and regulations that provide a very conducive environment for investors. Our laws permit repatriation of 100 per cent profit. I doubt if there is a better country for investment today," he said.

He spoke of his confidence in the Dubai World Corporation, saying it had left a global mark of investment success.

He, therefore, said the cooperation would equally record success with Nigeria.

By Funso Muraina