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By LINDSAY THOMPSON
Bahamas Information Services

NORTH ELUTHERA, The Bahamas –– The country’s third-busiest airport is set to get an economic boost with a multi-million dollar upgrade to its facilities.

(Prime Minister’s Speech)

On Monday, September 9, 2024, dozens of excited residents witnessed the formalization of a $55 million loan agreement between the Government of the Commonwealth of the Bahamas and the Saudi Fund for Development.

The signing ceremony took place just off the runway at North Eleuthera International Airport, which will undergo a massive expansion and modernization to adequately serve the surrounding communities of Harbour Island and Spanish Wells and to handle the growing number of private jet flights.

Prime Minister and Minister of Finance the Hon. Philip Davis led a delegation of senior government officials, including Deputy Prime Minister and Minister of Tourism, Investment and Aviation the Hon. Chester Cooper; Senator the Hon. Michael Halkitis, Minister of Economy; the Hon. Clay Sweeting, Minister of Works and Family Island Affairs; Dr. Kenneth Romer, Deputy Director-General of Tourism and Acting Chief Executive of Aviation; and Paul Bevans, Chairman of the Airport Authority.

Also present were His Excellency Mr. Sultan Abdulrahman Al-Marshad, Chief Executive Officer, Saudi Fund for Development, Riyadh, Kingdom of Saudi Arabia, and his delegation.

(Residents and officials)

“Today marks an important chapter for this island and it is a privilege to witness firsthand the tremendous progress Eleuthera has made,” said Prime Minister Davis.

Historically known as the ‘Land of the Free’, Eleuthera has a rich heritage and tradition and is recognized by the government as one of the fastest growing economies in the country.

“You’ve seen the changes everywhere: new businesses, booming tourism, and a brighter future on the horizon. But what really matters is not just the numbers we’re celebrating, it’s the people. It’s the hardworking families who have called Eleuthera home for generations and the young people who now see even greater possibilities for their futures,” the Prime Minister said.

He noted that the steady increase in air passenger numbers and international interest is due not only to visitors coming to enjoy Eleuthera’s beauty, but also to all that its people, economy, culture and environment have to offer.

(Signing Ceremony)

“This partnership with the Saudi Fund for Development marks a turning point for Eleuthera and its people. For years, there has been talk about upgrading the North Eleuthera International Airport, but today we are moving from talk to action. This $55 million investment is about unlocking Eleuthera’s potential and ensuring 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 committed partner in The Bahamas’ journey towards infrastructure and economic development. He said the Fund’s continued support was greatly appreciated.

“The commitment you have shown to our development goals, as set out in our Blueprint for Change, has been influential and we know this partnership will flourish in the years to come,” he said.

The loan is provided on “favorable terms,” including a low interest rate of 2.5 percent, and a repayment term of twenty-five (25) years, with the first installment due in five years.

(Handshake)

In March 2023, the Davis Administration launched the Family Islands Airport Renaissance Project. This far-reaching program is part of the broader vision outlined in the administration’s Blueprint for Change, which places a strong emphasis on investing in the Family Islands.

The Family Islands Airport Renaissance Project aims to transform not only North Eleuthera International Airport, but 14 airports across the archipelago. It is the largest and most comprehensive development effort in Bahamian aviation history.

“We are committed to building public-private partnerships to finance, build and operate key airport infrastructure. This loan symbolises the benefits and progress of international partnerships in this regard,” Deputy Prime Minister Cooper said.

He noted that the North Eleuthera International Airport serves as a gateway to the island and is a major driver of tourism and trade.
In June 2024, there was a 32 percent increase in international flights to Eleuthera compared to the same period in 2019, and a 2 percent increase from the record numbers set in 2023.

(Minister Clay Sweeting)

“The existing infrastructure on North Eleuthera is no longer adequate to accommodate the increasing number of passengers and aircraft. The addition of the departure trailer facility has provided much needed temporary relief,” he said.

The planned upgrades to North Eleuthera Airport include a complete overhaul of the terminal facilities, as well as airside improvements including the renewal of the runway and an expanded apron area. When completed, it will be able to accommodate 400 passengers in the departure lounge, plus significant retail facilities.

These upgrades will enable the airport to handle larger aircraft, accommodate more passengers and provide a level of service that meets international standards as prescribed by the International Civil Aviation Organization (ICAO). The project will also incorporate sustainable and resilient solutions, designed to withstand storm surges and hurricane winds up to Category 5.

His Excellency Sultan Abdulrahman Al-Marshad also spoke about the important milestone reached with the signing of the agreement, calling it a “new chapter” in the relations between the two countries and underlining the shared commitment to promote aviation in the country.

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

(BIS photos/Kemuel Stubbs)

PHOTO CAPTION

(Signing Ceremony)
On Monday, September 9, 2024, dozens of excited residents witnessed the formalization of a $55 million loan agreement between the Government of the Commonwealth of The Bahamas and the Saudi Fund for Development at the North Eleuthera International Airport. Pictured: Seated L-R: Deputy Prime Minister and Minister of Tourism, Investment and Aviation, the Hon. Chester Cooper; Prime Minister and Minister of Finance, the Hon. Philip Davis; His Excellency Mr. Sultan Abdulrahman Al-Marshad, Chief Executive Officer, Saudi Fund for Development; and Paul Bevans, Chairman, Airport Authority. Standing L-R: The Hon. Clay Sweeting, Minister of Works and Family Island Affairs; Dr. Kenneth Romer, Deputy Director General of Tourism and Acting Director of Aviation; Senator the Hon. Michael Halkitis, Minister of Economic Affairs; and Sylvanus Petty, Member of Parliament for North Eleuthera.

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

(Prime Minister’s Speech)
Prime Minister and Minister of Finance, the Honourable Philip Davis, speaks during the signing ceremony of a $55 million loan agreement between the Government of the Commonwealth of The Bahamas and the Saudi Fund for Development at North Eleuthera International Airport on Monday, September 9, 2024

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

(Minister Clay Sweeting)
The Honourable Clay Sweeting, Minister of Works and Family Island Affairs, speaks during the signing ceremony of a $55 million loan agreement between the Government of the Commonwealth of The Bahamas and the Saudi Fund for Development at North Eleuthera International Airport on Monday, September 9, 2024.

(Residents and officials)
Residents and officials at the signing ceremony.