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By LINDSAY THOMPSON
Bahamas Information Services

NORTH ELEUTHERA, The Bahamas –– The nation’s third busiest airport is set for an economic boost with a multi-million dollar infrastructure upgrade.

On Monday, September 9, 2024, many happy citizens witnessed the official signing of the $55 million Loan Agreement between the Government of the Commonwealth of The Bahamas and the Saudi Fund for Development.

The Signing Ceremony took place across the street from the North Eleuthera International Airport, which is slated for a major expansion and upgrade to provide adequate service to Harbor Island and Spanish Wells counties, as well as an increased schedule of private jet air traffic.

The Prime Minister and Minister of Finance Hon. Philip Davis led a delegation of senior government officials including the Deputy Prime Minister and Minister of Tourism, Investment and Aviation Mr. Chester Cooper; Senator Hon. Michael Halkitis, Minister of Economic Affairs; Hon. Clay Sweeting, Minister of Labor and Family Affairs; Dr. Kenneth Romer, Deputy Director General of Tourism and Operations Director of Aviation; and Paul Bevans, chairman, Airports Authority.

There was also His Excellency Mr. Sultan Abdulrahman Al-Marshad, Chief Executive, Saudi Fund for Development, Riyadh, Kingdom of Saudi Arabia, and his delegation.

“Today I am an important part of the island, and it is a privilege to witness the amazing development of Eleuthera,” said Prime Minister Davis.

Eleuthera, historically known as the ‘Land of the Free,’ is rich in heritage and culture, and is recognized by the government as one of the fastest growing countries in the country.

“You see the changes everywhere – new businesses, thriving tourism, and a bright future ahead. But what really matters is not just the numbers we celebrate, it’s the people. It’s the hardworking families who call Eleuthera home the home of generations and the young who now see great opportunities for their future,” said the Prime Minister.

He noted that the steady rise in air arrivals and international interest are not just visitors coming to enjoy the beauty of Eleuthera; but all that people, economy, culture and environment have to offer.

“This partnership with the Saudi Fund for Development marks a significant change for Eleuthera and its people. Improvements to the Eleuthera International Airport have been talked about for years, but today we are moving from conversation to action. This $55 million investment is about unlocking Eleuthera’s potential and ensuring that its people can fully benefit from the island’s rapid growth. He said.

Deputy Prime Minister Cooper also thanked the Saudi Fund for Development for being a dedicated partner in The Bahamas’ journey to infrastructure and economic development, and said its continued support is greatly appreciated.

“The commitment you have shown to our development goals as outlined in our Blueprint for Change has been impressive and we know this partnership will be successful for many years to come,” he said. .

The loan comes with “favorable terms” that include a low interest rate of 2.5 percent, and twenty-five (25) years to repay with the first installment to be paid within five years.

In March 2023, the Davis Administration launched the Family Islands Airport Revitalization Project. This far-reaching program is part of a broader vision outlined in the Government’s Transformation Plan, which strongly emphasizes the importance of investing in the Family Islands.

The Family Islands Airport Redevelopment Project aims to transform not only the Eleuthera International Airport, but also 14 airports throughout the archipelago, marking a major and comprehensive effort by development in Bahamian aviation history.

“We are committed to connecting with Public Private Partnerships to support, build and manage airport infrastructure. This loan shows the benefits and progress of international cooperation in this regard,” Deputy Prime Minister Cooper said.

He noted that the Eleuthera International Airport serves as the gateway to the island and is a major driver of tourism and business.
As of June 2024, there has been a 32 percent increase in foreign arrivals to Eleuthera compared to the same period in 2019, and a 2 percent increase over the 2023 record numbers.

“The existing infrastructure in North Eleuthera is no longer adequate to accommodate the increasing number of passengers and aircraft. The addition of a trailer terminal for departures provided much-needed temporary relief,” he said. .

Planned improvements to the North Eleuthera Airport will include a complete overhaul of the airport’s facilities, as well as improvements to the airspace including runway renewal, and an expanded apron area. When completed, it will be able to accommodate 400 passengers in the departure lounge, as well as significant shopping opportunities.

These improvements will ensure that the airport is able to handle larger aircraft, accommodate more passengers and provide a level of service that meets international standards as mandated by the International Airport Organization Civil Aviation (ICAO). The project will also include sustainable and sustainable solutions, designed to withstand storms and hurricanes up to Category 5.

His Excellency Mr. Sultan Abdulrahman Al-Marshad, also spoke about the important event achieved by the signing of the agreement. He considered it a “new chapter” in the relations between the two countries and emphasized the joint commitment to develop the country’s aviation.

The partnership between the Bahamas and the Saudi Fund has proven successful in the past. In July 2023, a $10 million facility was implemented for the Tourism Development Corporation’s incubation centers in Nassau, Grand Bahama and Exuma. And in June 2024 another loan agreement was entered into with favorable terms for the construction of the Exuma International Airport.

(BIS Photos/Kemuel Stubbs)

EXCELLENT PICTURE

(Signing ceremony)
On Monday, September 9, 2024 many happy citizens witnessed the formalization of the $55 million Loan Agreement between the Government of the Commonwealth of The Bahamas and the Saudi Fund for International Airport Development of Eleuthera. Pictured L-R: Deputy Prime Minister and Minister of Tourism, Investment and Aviation Hon. Chester Cooper; The Prime Minister and Minister of Finance Hon. Philip Davis; His Excellency Mr. Sultan Abdulrahman Al-Marshad, Chief Executive Officer, Saudi Fund for Development; and Paul Bevans, Chairman, Airports Authority. Standing LR: Hon. Clay Sweeting, Minister of Labor and Family Affairs; Dr. Kenneth Romer, Deputy Director General of Tourism and Operations Director of Aviation; Senator Hon. Michael Halkitis, Minister of Economic Affairs; and Sylvanus Petty, Member of Parliament for North Eleuthera.

(Shake hand)
A $55 million Loan Agreement between the Government of the Commonwealth of The Bahamas and the Saudi Fund for Development was signed at the Eleuthera International Airport on Monday, September 9, 2024. Pictured LR: Hon. Clay Sweeting, Minister of Labor and Family Affairs; Deputy Prime Minister and Minister of Tourism, Investment and Aviation Hon. Chester Cooper; The Prime Minister and Minister of Finance Hon. Philip Davis; His Excellency Mr. Sultan Abdulrahman Al-Marshad, Chief Executive Officer, Saudi Fund for Development; and Paul Bevans, Chairman, Airports Authority. Second row L-R: Dr. Kenneth Romer, Deputy Director General of Tourism and Aviation; Senator Hon. Michael Halkitis, Minister of Economic Affairs; and Sylvanus Petty, Member of Parliament for North Eleuthera.

(Prime Minister speaking)
The Prime Minister and Minister of Finance Hon. Philip Davis speaks at the signing ceremony of the $55 million Loan Agreement between the Government of the Commonwealth of The Bahamas and the Saudi Fund for Development at the Eleuthera International Airport on Monday, September 9, 2024.

(Honour and PM Davis)
His Excellency Mr. Sultan Abdulrahman Al-Marshad, Chief Executive Officer, Saudi Fund for Development, and the Prime Minister and Minister of Finance Hon. Philip Davis shared a moment.

(Minister Clay Sweeting)
Hon. Clay Sweeting, Minister of Labor and Home Affairs speaks at the Signing Ceremony of the $55 million Loan Agreement between the Government of the Commonwealth of The Bahamas and the Saudi Fund for Development at the Eleuthera International Airport in Monday, September 9, 2024.

(Citizens and Officials)
Citizens and Officials at the Signing Ceremony.