January 9, 2004

P3s and Sustainability Fund on Nelson’s agenda for London and Dublin

Edmonton... Acquiring first-hand information on public-private partnerships and promoting Alberta’s economy and new fiscal framework will be the focus of Finance Minister Patricia Nelson’s five-day mission to the United Kingdom and Ireland.

The UK has used public-private partnerships to build more than 500 projects over the past 10 years, including schools, hospitals, roads, and other public facilities. British experience in preparing contracts, securing investment, and addressing procurement can help Alberta on future projects.

“Alberta can learn from the experiences in the UK and Ireland and apply those lessons to ensure taxpayers see full value for their money and are protected from the risks of building major capital projects,” said Nelson.

Using alternative financing arrangements to build major capital projects was a recommendation of Alberta’s Financial Management Commission. Alberta’s Capital Plan calls for alternate financing arrangements to support the building of needed infrastructure projects.

Nelson will also meet with investment bankers and institutional investors to provide updates on the strength of Alberta’s economy and the benefits of Alberta’s new fiscal framework.

“The Sustainability Fund has allowed the province to respond to natural disasters, emergencies, and high energy prices without taking away from core programs. Together with our continued emphasis on paying down the debt, the new fiscal framework makes Alberta attractive to foreign investment.”

Strong provincial revenues could see the Sustainability Fund fully funded by the end of the fiscal year, and the province has announced its intention to put any additional funds toward debt retirement and infrastructure.

The cost for Nelson and her Executive Assistant is estimated to be approximately $23,000.

Backgrounder - Itinerary for Finance Minister Patricia Nelson

Saturday, Jan. 10

• Arrive in London.

Monday, Jan. 12

• Meeting with Commercial Affairs, Alberta Trade Office
• Meeting with Commercial Affairs, Canadian High Commission
• Meeting with Royal Bank of Canada
• Meeting with Institute for Public Policy Research

Tuesday, Jan. 13

• Meeting with International Primary Markets Association
• Meeting with Ministry of Health
• Meeting with CIBC and institutional investors
• Meeting with Her Majesty’s Treasury
• Meeting with Partnerships UK

Wednesday, Jan. 14

• Depart London for Dublin
• Meeting with Depfa Bank
• Participating in Government of Ireland discussion on P3s
• Meeting with Westdeutsche Landesbank, CIBC
• Depart Dublin for London

Thursday, Jan. 15

• Meeting with Royal Bank of Canada Capital Markets
• Meeting with members of Alberta’s European underwriting syndicate
• Meeting with Standard & Poors
• Meeting with CIBC

Friday, Jan 16

• Depart London for Calgary

For media inquiries, please contact:

Tracy Balash Assistant Director of Communications Alberta Finance (780) 427-5364
Dial 310-0000 for toll free access outside of Edmonton.