Current Date: 28 May, 2024

UK agency offers a $1 billion drawdown, with $400 million going to GBIA

There is still a lot of promises for the Bahamas and the United Kingdom relationship.

According to Prime Minister Philip Davis, during the Caribbean Council's Bahamas Investment promotional event in England on Thursday, UK Export Finance, an export credit agency of the British government, has made $1 billion available for The Bahamas to draw down, $400 million.

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This will go towards the redevelopment of Grand Bahama International Airport. The renovated airport will be a green airport, he said during the discussion.

The development of the new Grand Bahama International Airport, which will be finished by the end of the first quarter of 2025, will be handled by the Bahamian company Aerodrome Limited along with two other partners, it was announced in March.

During the Grand Bahama Business Outlook, Chester Cooper, the minister of tourism, investments, and aviation, revealed the information. Cooper estimated a $200 million investment in constructing the new international airport and US pre-clearance facilities.

He said the agreement was reached in February with the airport development company, which also comprises Aerodrome, Manchester Airport Company Limited, and BHM Construction International UK.

He said that UK Export Finance would pay for the airport's construction.
Cooper estimates it will take five years to complete the airport's construction, and 1,200 Bahamians will be employed.

Davis argued that the government now insists that developments in The Bahamas become "genuine" partnerships rather than developments that comprise low-skilled menial jobs for Bahamians. Davis made this claim during the Caribbean Council's investment seminar.

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Davis added, "We also want the advantages to present opportunities for Bahamians to pursue worthwhile careers and, where possible, result in some form of wealth creation."

He continued by saying that by encouraging foreign investments and partnerships, the government wishes to provide more assistance for this nation's businesspeople. He said John Watling's Rum and Kanoo Pays were at the session.

He stated that the relationship between The Bahamas and the United Kingdom still has much potential. "We are pleased to have Bahamian companies here this morning and UK companies that have already committed their investment."

We are better off when we can expand our investment cooperation and gain access to new markets and clients.

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Excellence Chukwuma Chukwunaedu

Excellence Chukwuma Chukwunaedu

I enjoy marketing, technology and business. I help businesses and brands connect with their ideal customer profiles and build products that excite them and solve their problems.