Bahamas secures $50M loan from Saudi Arabia for North Eleuthera Airport upgrade

The government of the Bahamas has signed a significant loan agreement valued at over $50 million with Saudi Arabia officials to upgrade the North Eleuthera Airport. The officials said that they are set for construction to begin in January 2025.

The loan comes "at favorable terms," including a low interest rate of 2.5 percent and 25 years to repay, with the first payment due in five years.

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 ICAO.

Following the signing of the contract, the residents were also delighted and said that they were ready for a change.

A resident called the airport dreadful as of now and noted, "It cannot at one time hold any more than about 100 passengers, and even 100 is too much," while another noted, "It's been a long time coming, and as the Prime Minister would have said earlier, what has been talked for so long is now action."

During the official signing ceremony between the Saudi Fund for Development and the government of the Bahamas, Minister of Tourism, Investments and Aviation Deputy Prime Minister Chester Cooper said that the renovations to the airport are one of many that the Davis Cooper administration pledged.

"This far-reaching project is what we promised in our blueprint for change, and we will continue to work towards achieving these ends through partners internationally, locally, and publicly," he added. 

Meanwhile, Prime Minister Philip Davis emphasized that the new airport will boost the economy of Eleuthera, as it will bring more jobs for residents, noting tourism is the heart of the island's income.

Davis noted that the project is for the overall benefit of the Lutherans and emphasized, "Easier travel, increased economic activity, and more opportunities for employment are just a few new immediate benefits this project will bring before all stakeholders signed on the dotted line."

Meanwhile, the Tourism Minister expressed his gratitude and remarked, "I'm just thankful for the Saudi Arabia group, and I'm just hoping that we can get the ball rolling with the building and so we can see the end sooner than later."