The Culture

Developer waives €157 million payment from Monaco government

January 31, 2023
Developer waives €157 million payment from Monaco government

On Wednesday, the National Council passed bill No. 1057, with a majority of 13 out of 16 votes, in favour of the decommissioning of Esplanade des Pêcheurs.

The plot of land publicly owned by the State comprises the Esplanade des Pêcheurs, Quai Rainier I Grand Amiral de France and part of Quai Antoine I.

The government responded by saying, “The interests of Monegasque nationals and the public finances have been protected.”

The passing of this bill protects an agreement between the State and those heading the project, putting an end to a dispute that has existed between the parties for several years. It also concludes two years of intense work and discussions, in which the government’s teams and advisors have been particularly active.

The compromise reached strictly complies with three conditions, in accordance with the Prince’s instructions: it ensures the continuity of the Formula 1 Grand Prix, guarantees access to the site for emergency services and preserves the interests of the Principality.

With the agreement reached in consultation with the National Council, public finances have effectively been protected, as the developer has waived enforcement of the Supreme Court’s order of June 25, 2020, that the State should pay a sum equivalent to €157 million.

In parallel, the interests of Monegasque nationals have also been safeguarded, since the new tripartite agreement that will be signed will ensure that the State will receive significant financial revenue and substantial benefits in kind, including the construction of state-owned apartments, car parks, commercial spaces and public gardens, as well as the development of a museum dedicated to underwater archaeology.

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