A $35 million loan will enhance the connectivity of four airports on the Family Islands
The Inter-American Development Bank (IDB) has approved a $35 million loan designed to improve infrastructure at four airports on the Family Islands, as The Bahamas' less developed outer islands are known.
The loan will contribute to the archipelago's regional and international integration through upgrades at the airports of Exuma, North Eleuthera, Marsh Harbour and Treasure Cay.
The project will finance modernization and maintenance of the airports, including a wide range of aviation and infrastructure improvements such as visual aids, lighting, runway beacons, mobile airport equipment, parking platforms and passenger terminals. It will also take into account adaptation to and mitigation of climate change in the construction work to be undertaken.
Air transport plays a key role in the economic integration of the Bahamas as it is the main way for tourists to reach the archipelago. It also allows people living on the FamilyIslands to have access to goods and services offered only on New Providence, the island on which 70 percent of the country's population lives, or overseas.
The IDB loan is over 25 years, with a 5.5 year grace period and a LIBOR-based interest rate.
About the IDB
The Inter-American Development Bank works to improve lives. With a history dating back to 1959, the IDB is one of the leading sources of long-term financing for the economic, social and institutional development of Latin America and the Caribbean. The IDB also produces groundbreaking research and offers policy advice, technical assistance and capacity building to public and private sector clients throughout the region.