The National Road Operating and Constructing Company (NROCC), concessionaire for Highway 2000, racked up losses amounting to more than $1.6 billion over the last financial year and has projected losses of more than $2.4 billion for the current fiscal year.

According to a ministry paper tabled in the House of Representatives on Thursday, NROCC's projected loss for this financial year represents $822 million more than the $1.6 billion for 2006/2007.

Since it began operations in 2003, the company has not realised any profits and is yet to earn toll fees, as TransJamaican Highway, operators of the toll road, has not reached its targeted traffic flow on the two completed highways.

But Finance and Planning Minister, Dr. Omar Davies, addressing a post-Budget press conference at his Heroes Circle offices yesterday, told journalists that NROCC was seeking to access loans at concessionary rates to pay down on high-cost debt.

Expensive financing

"The difficulty relates to the fact that the financing which they utilise for the construction (of Highway 2000) is more expensive than had been anticipated and, secondly, I would think that in certain instances the tolls have not been at the level which the company would have wished to impose," he said.

However, asked if there was consideration to granting further increases in toll rates, State Minister for Finance, Fitz Jackson,said no additional hike was expected before July.

"Come July, at the end of the six months, as is provided for in the concession agreement, they (TransJamaican) can apply. When they apply we will see what happens from there," Mr. Jackson said.