Project set to significantly expand operational capacity of airport to more than double

Nassau, The Bahamas – 10 September 2024 ----- On September 9, 2024, the Saudi Fund for Development (SFD) and The Airport Authority of The Bahamas signed a $55 million development loan agreement for the North Eleuthera International Airport Development Project. Signed by H.E. Sultan Al-Marshad, Chief Executive Officer of SFD, and Mr. Paul Bevans, Chairman of Airport Authority of The Bahamas, the agreement is set to expand the airport’s operational capacity from 300,000 to 700,000 visitors annually. It will also create over 300 direct jobs during the operational phase, further supporting the socio-economic development of the region.

The signing ceremony was attended by the Hon. Philip Davis, Prime Minister and Minister of Finance of The Bahamas; the Hon. I. Chester Cooper, Deputy Prime Minister and Minister of Tourism, Investments & Aviation; Hon. Members of the Cabinet of The Bahamas; Members of Parliament for Eleuthera; the SFD delegation and other senior government officials.

In expressing the significance of the loan agreement, the Hon. I. Chester Cooper, Deputy Prime Minister and Minister of Tourism, Investments & Aviation, said:  '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 travelling both to and from the destination.'

H.E. Sultan Al-Marshad additionally emphasized the SFD’s commitment to advancing The Bahamas’ air transport sector and driving socioeconomic development. 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 to helping build these countries’ economic resilience.”

Last year, the SFD expanded its outreach to 9 new countries, all of which are small island nations, including The Bahamas.

The North Eleuthera International Airport Development Project is the SFD’s third development loan in The Bahamas since 2023. The Fund also financed business incubation centers to support 100 small local business in Nassau Island, Exuma Island, and Grand Bahama Island (valued at $10 million). In a second agreement (valued at $70 million,) the SFD is also supporting the redevelopment of the Family Islands Airports Renaissance Project, with the aim of increasing the number of visitors to the airports to 285,000 annually. 

In 2024 The SFD celebrated 50 years of global development impact, touching hundreds of millions of lives across 100 countries in Africa, Asia and the Pacific, Latin America and the Caribbean and Eastern Europe. To date, the SFD has financed and supported more than 800 projects with a total funding of $20 billion.