The Grand Harbour Regeneration Corporation is to assume responsibility for the rebuilding of the Barrakka lift, connecting Lascaris Ditch to the Upper Barrakka, Infrastructure Minister Austin Gatt said today.

He said the project will cost some €2 million of which €1.5 million will go for the actual construction and the rest for the building of a small plaza with commercial outlets in the ditch.

He said the Authority will soon submit a development application to MEPA and a call for tenders will be issued by year's end.

He said no decision had been taken yet on whether patrons would pay to use the lift, but should that be the case, payment would be minimal.

The old lift operated between 1905 and 1973.

The new lift will be about 150m high and should carry up to 1,000 passengers per hour. There would actually be three panoramic cabins. The structure will be made of concrete with a metallic cover which will widen at the top, much like a blossom.

The project is earmarked for completion by March 2011.