Saudi Fund For Development Signs $55M Loan For Bahamas Airport Expansion

The Saudi Fund for Development (SFD) and the Airport Authority of The Bahamas have signed a $55 million loan agreement to develop North Eleuthera International Airport. This project aims to increase the airport's capacity from 300,000 to 700,000 visitors annually and create over 300 direct jobs during its operational phase. The agreement was signed by SFD CEO Sultan Al-Marshad and Chairman of the Airport Authority of The Bahamas Paul Bevans.

Deputy Prime Minister Isaac Chester Cooper highlighted the significance of this loan agreement. He stated, "Our Administration has built strong international partnerships to support our National Development Goals, with this loan signifying the benefits of these relationships. The further development of transportation services in the Family Islands is not only vital to the continued growth of our nation's number one industry but also to the economic growth of the people of Eleuthera. With the signing of this agreement, we will be able to revitalize the North Eleuthera Airport, providing it with the necessary facilities to establish its status as a world-class international airport and improve the experiences of passengers traveling both to and from the destination."

SFD CEO Sultan Al-Marshad emphasized their commitment to advancing air transport in The Bahamas. He noted, "The development of the airport will not only improve transportation but also unlock new opportunities for trade and tourism, benefiting the wider economy. Since the SFD's inception in 1974, we have been highly committed to supporting the development of Small Island Developing States (SIDS) and helping build these countries' economic resilience."

In 2023, SFD financed two additional loans for The Bahamas. A $10 million agreement was established for business incubation centres supporting 100 small businesses across Nassau Island, Exuma Island, and Grand Bahama Island. Another $70 million loan aimed at increasing annual airport visitors to 285,000 through the Family Islands Airports Renaissance Project.

The signing ceremony saw attendance from notable figures including Prime Minister Philip Davis, Deputy Prime Minister Isaac Chester Cooper, Bahamian Cabinet members, Eleuthera's Parliament members, an SFD delegation, and other senior officials.

SFD’s Global Impact

In 2024, SFD celebrated its 50th anniversary of global development impact. Over five decades, it has touched hundreds of millions of lives across Africa, Asia and the Pacific, Latin America and the Caribbean, and Eastern Europe. To date, SFD has financed over 800 projects with total funding amounting to $20 billion.

This latest project underscores SFD's ongoing dedication to fostering socioeconomic development in Small Island Developing States (SIDS). By enhancing infrastructure like North Eleuthera International Airport, they aim to boost local economies through improved transportation and increased tourism.

With inputs from SPA