BAHAMAS AND KINGDOM OF SAUDI ARABIA EXECUTE LOAN AGREEMENT FOR FAMILY ISLAND AIRPORT DEVELOPMENT
RIYADH, Kingdom of Saudi Arabia, September 28, 2023 - The Commonwealth of The Bahamas and the Saudi Fund for Development (SFD), on Wednesday signed a $70 million loan agreement on very favourable terms as part of the strategic plan to develop a portfolio of Family Island Airports, in line with the Family Island Airport Renaissance Project.
The loan agreement signed on September 27 will facilitate the redevelopment of the Exuma Airport infrastructure, as a part of Phase I of the comprehensive plan.
The Government of The Bahamas and the Saudi Fund for Development are also continuing talks on additional funding to include North Eleuthera’s airport infrastructure in the next tranche.
This is subject to airport inspections by SFD due to take place in early October 2023.
According to Deputy Prime Minister and Minister of Tourism, Investments & Aviation the Honourable I. Chester Cooper Cooper, “Today’s signing marks a significant milestone in advancing the phased development of targeted airports as part of the Government’s Family Islands Airport Renaissance Project, and further solidifies our relationship with The Kingdom of Saudi Arabia”.
According to CEO of The Saudi Fund for Development Sultan A. Almarshad, “SFDs latest development loan agreement with The Bahamas will play a major role in enhancing the capabilities and renaissance of the nation's Family Island airports. We look forward to working closely with the country's government to ensure timely delivery. We believe that once completed, the project will benefit the economy and bring about prosperity for all the friendly people of The Bahamas.”
The Bahamas government has outlined its priorities in the Family Island Airport Renaissance Project as Exuma, Grand Bahama, North Eleuthera, Cat Island, Long Island and Black Point, with additional airports to be completed in the next tranche.
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Dr. Kenneth Romer Director of Aviation Bahamas Ministry of Tourism, Investments & Aviation