LONDON, UK – The Bahamas government will utilize US$400 million of a billion dollar loan being made available to it by UK Export Finance, to develop the Grand Bahama International Airport, Prime Minister Phillip Davis has said.
Photo credit: Hutchinson PortHe told a question-and-answer period at the Caribbean Council Bahamas Investment Promotional Event here on Thursday that ”the UK EXIM Bank making available to us one billion US dollars to draw down on is a step in the right direction for investments”.
“We’re drawing down at least US$400 million for the redevelopment of the airport in Freeport, Grand Bahama, which will be a green airport,” he added.
In March, Tourism, Investments and Aviation Minister Chester Cooper said the new Grand Bahama International Airport will be developed by a Bahamian group , Aerodrome Limited, along with two other partners, and will be completed by the end of the first quarter of 2025.
During the Caribbean Council’s investment seminar, Prime Minister Davis urged investors to invest in the agricultural sector in the Caribbean country because food security is among his administration’s key priorities and that his administration intends to grow and diversify the economy while actively seeking support from industrialized nations.
“Our fundamental goal is to make life better for the people of The Bahamas. While this ought to be a self-evident truth for every nation, it is sometimes obscured when we seek to attract foreign investment.
“We invite the money in, without doing our best to make sure that there are genuine contributions to national development. However, my government believes that the potential for private wealth creation, and investment in projects for the wider public benefit, can go hand in hand.”
“We also want the benefits to include opportunities for Bahamians to pursue meaningful careers, and where possible, lead to some form of wealth creation,” said Prime Minister Davis, adding that the presence of Bahamian companies, “along with UK companies that have already committed their investment, illustrate how the relationship between The Bahamas and the United Kingdom still holds so much potential.
“We are both well-served when we can access new markets and customers, and deepen our investment partnership,” he added.
