On Monday, September 9, 2024 scores of excited residents witnessed the formalization of a $55 million Loan Agreement between the Government of the Commonwealth of The Bahamas and Saudi Fund for Development at the North Eleuthera International Airport.  Pictured seated L-R: Deputy Prime Minister and Minister of Tourism, Investments 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.

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

On Monday, September 9, 2024 scores of excited residents witnessed the formalization of a $55 million Loan Agreement between the Government of the Commonwealth of The Bahamas and Saudi Fund for Development.

The Signing Ceremony took place just beyond the runway of the North Eleuthera International Airport, which is set for massive expansion and upgrade to adequately service the outlying districts of Harbour Island and Spanish Wells, as well as a growing private jet air traffic schedule.

Prime Minister and Minister of Finance the Hon. Philip Davis led a delegation of high-ranking government officials including Deputy Prime Minister and Minister of Tourism, Investments and Aviation the Hon. Chester Cooper; Senator the Hon. Michael Halkitis, Minister of Economic Affairs; the Hon. Clay Sweeting, Minister of Works and Family Island Affairs; Dr. Kenneth Romer, Deputy Director General of Tourism and Acting Director of Aviation; and Paul Bevans, chairman, Airport Authority.  

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

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

Eleuthera, historically known as the 'Land of Freedom,' is rich in heritage and tradition, and acknowledged by the government as one of the fastest-growing economies in the country.

“You’ve seen the changes all around -- new businesses, thriving tourism, and a brighter future on the horizon. But what truly matters isn’t just the numbers we celebrate, it’s the people.  It’s the hardworking families who have called Eleuthera home for generations and the younger ones who now see even greater possibilities for their future,” said the prime minister.

He observed that the steady rise in air arrivals and international interest isn’t just about visitors coming to enjoy the beauty of Eleuthera; but all that the people, economy, culture, and environment have to offer.

“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 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 toward infrastructural and economic development, and said its continued support is deeply appreciated.

 “The commitment you have demonstrated toward our development goals as laid out in our Blueprint for Change has been impactful and we know that this partnership will blossom in the many years to come,” he said.  

The loan comes at "favourable terms" including a low interest rate of 2.5 percent, and twenty-five (25) years to repay with the first installment due in five years.

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

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

 
“We committed to engage Public Private Partnerships to finance, build and manage key airport infrastructure. This loan signifies 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 the gateway to the island and is a major driver of tourism and commerce. 

As of June 2024, there was a 32 percent increase in foreign air arrivals to Eleuthera compared to the same period in 2019, and a 2 percent increase over record-setting 2023 figures.

“The existing infrastructure at North Eleuthera is no longer sufficient to accommodate the rising number of passengers and aircraft. The adding of the trailer facility for departures provided some much-needed temporary relief,” he said.

The planned upgrades to North Eleuthera Airport will encompass a complete overhaul of the terminal facilities, as well as airside improvements that include the revamp of the runway, and an expanded apron space. On completion, it will be capable of accommodating 400 passengers in the departure lounge, plus significant retail opportunities.

 
These upgrades will ensure that the airport is capable of handling larger aircraft, accommodating more passengers and offering a level of service that meets international standards as mandated by International Civil Aviation Organization (ICAO). The project will also incorporate sustainable and resilient solutions, designed to withstand storm surges and hurricane winds of up to Category 5.  

 
His Excellency Mr. Sultan Abdulrahman Al-Marshad, also spoke of the significant milestone reached with the signing of the agreement. He deemed it a “new chapter” in relations between both countries and underscored the shared commitment in advancing aviation in the country.

The partnership between The Bahamas and the Saudi Fund has already proven successful in the past.  In July 2023, the $10million 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.

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, Investments 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 and Minister of Finance the Hon. Philip Davis speaks at 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 Mr. Sultan Abdulrahman Al-Marshad, Chief Executive Officer, Saudi Fund for Development, and Prime Minister and Minister of Finance the Hon. Philip Davis share a moment.

His Excellency Mr. Sultan Abdulrahman Al-Marshad, Chief Executive Officer, Saudi Fund for Development, Riyadh, Kingdom of Saudi Arabia; and Deputy Prime Minister and Minister of Tourism, Investments and Aviation the Hon. Chester Cooper arrive at the North Eleuthera International Airport.

His Excellency Mr. Sultan Abdulrahman Al-Marshad, Chief Executive Officer, Saudi Fund for Development, Riyadh, Kingdom of Saudi Arabia; and Senator the Hon. Michael Halkitis, Minister of Economic Affairs

The Hon. Clay Sweeting, Minister of Works and Family Island Affairs speaks at 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 at the Signing Ceremony.

(BIS Photos/Kemuel Stubbs)