NASSAU, BAHAMAS — Prime Minister Philip Davis has clarified that the government will utilize an initial $200 million from a $1 billion drawdown provided by the UKEXIM Bank for the development of the Grand Bahama International Airport.
Prime Minister Davis explained the partnership is for development of the airport.
“We are trying to do it in a way that would not immediately increase our debt. We are entering this partnership with the UK Development Bank. For all intents and purposes the bank has indicated to us that they would have a billion dollars available to us for infrastructure development. We have to identify those projects to be able to decide what to draw down and not to draw down,” Davis explained.
“The fact that it is available doesn’t mean we will use it all. It has to be a project that they can embrace and they feel has an internal rate of return that will benefit the country and its people.
“In so far as the airport is concerned I did indicate a number of $400 million. I misspoke, it was really $200 million but we were talking about a $400 million package to include other airports. That has not yet been completed.
“The initial drawn down will be $200 million and we are looking at another $200 million from that billion dollar allocation for the purpose of developing other airports like North Eleuthera, completing the Exuma airport and other airport infrastructure,” Davis continued.
Davis recently revealed that the $1 billion drawdown had been provided while addressing the Caribbean Council’s Bahamas Investment promotional event in London.
Back in March, Deputy Prime Minister Chester Cooper revealed that a Bahamian group called Aerodrome Limited will spearhead the redevelopment of the Grand Bahama International Airport in conjunction with two other partners. Cooper at the time noted that the first phase of the $170 million redevelopment of the airport will be completed no later than the first quarter of 2025.
In February, the Government of The Bahamas entered into an agreement with Aerodrome Limited, a Bahamian company; Manchester Airport Group Limited, an airport management company based in Manchester in the United Kingdom; and BHM Construction International, a company based in London.
