Written question WQ87103
- Asked by
- Andrew RT DaviesConservative
- To be answered by
- Minister for Climate Change
- Tabled
- Due
- Answered
- Time to answer
- 11 days
Question
Will the Minister confirm how much of Cardiff Airport's debt the Welsh Government has written off?
Answer
Answered by Deputy Minister for Climate Change
The total investment the Welsh Government has provided to Cardiff Airport since it was purchased can be found via the following link:
Evidence paper from Welsh Government regarding Cardiff Airport - PAPAC6-04-21 P1.pdf (senedd.wales).
The airport has drawn down £26.2m of its £42.6m rescue and restructuring aid grant since this evidence paper was submitted to the Senedd committee.
The Welsh Government has written off £42.6m of the Airport’s £69.8m total debt (including accrued interest).
The value of the airport as of January 2023 currently at £17.83m via WGC HoldCo Limited’s valuation in the company’s latest filed accounts.
The airport is scheduled to receive a further £15m of the £42.6m rescue and restructuring aid grant in 2023, subject to certain terms and conditions being met, as profiled in its agreement with the Welsh Government.
Welsh Government officials are in regular dialogue with the airport board regarding the administration of, and eventual exit from, the current financial recovery package. Naturally, these ongoing discussions cover strategies for navigating the current and future challenges the airport faces from the long-tail impacts of the pandemic, inflationary pressures due to the current economic climate and increased regulatory costs for regional airports.