Bahamas government signs multi-million dollar loan with Saudi Fund for Development
Photo: Prime Minister Phillip Davis
The Bahamas government has welcomed the signing of a US$55 million agreement with the Saudi Fund for Development which it says will further boost the socio-economic development of Eleuthera, one of the islands in the archipelago.
Prime Minister Phillip Davis, speaking at the signing ceremony, said the steady rise in air arrivals and international interest isn’t just about visitors coming to enjoy the beauty of Eleuthera; but about all that the island has to offer the world.
“This partnership with the Saudi Fund for Development marks a turning point for Eleuthera and its people. For years, there has been talk about upgrading the North Eleuthera International Airport, but today we are moving from talk to action. This $55 million investment is about unlocking Eleuthera’s potential and ensuring that its people can fully benefit from the island’s rapid growth.”
Davis said that the upgrade to the airport means a stronger local economy, more jobs, and greater opportunities for businesses.
“By enhancing the airport’s capacity to handle more visitors, we are directly supporting the tourism sector, which is at the heart of Eleuthera’s economy. This investment will help bring in more international flights, increase connectivity to the rest of The Bahamas, and open up new avenues for local entrepreneurs.”
He said the partnership with the Saudi Fund for Development allows the country to move forward with confidence and that “their support, coupled with the low interest rate of 2.5 per cent, ensures that we can deliver on this long-awaited project in a way that is both sustainable and beneficial for the people of Eleuthera.
“For the residents of Eleuthera, this airport represents progress. It signifies that the growth of this island is being matched by the necessary investments to improve daily life. Easier travel, increased economic activity, and more opportunities for employment are just a few of the immediate benefits this project will bring.”
Prime Minister Davis said that the project is part of a larger plan to ensure that Eleuthera, and all the Family Islands, are equipped for the future.
He said construction has already started on a new airport in Cat Island, and 14 more airports are slated for development across the country, saying “This is about building for today and tomorrow, ensuring that our islands have the infrastructure to support growth and prosperity for generations to come.”
But he acknowledged that as Eleuthera continues to grow, the government recognizes that rapid development comes with its own set of challenges.
“The increase in economic activity and the rise in population have strained our utility services, particularly electricity and water. These growing pains are not unique to Eleuthera, but they are challenges that we are fully committed to addressing.
“In recent months, we’ve heard the outcry about the power and water situation. Your cries have not fallen on deaf ears. No Bahamian should have to live without reliable water and electricity, not in 2024.
“This problem has been going on for far too many years and too many administrations have put in place stopgap measures without fixing the problem at its core. Just like a festering wound can’t be cured by simply placing a bandage on it, Eleuthera’s power and water issues cannot be solved with short-term, band-aid solutions.”
Davis said that his government is taking aggressive steps to improve service delivery across Eleuthera and Harbour Island.
He said last month, the Bahamas Power and Light Company Ltd (BPL) began the ambitious task of commissioning two long-overdue generators, each capable of producing 2.5 megawatts. One of the generators is already operational. The other is expected to be up and running by the end of this week.
“These upgrades will almost double Harbour Island’s power generation capacity, drastically reducing the likelihood of load shedding. Our goal is to ensure that by the end of September, there will be no more power shortages across Eleuthera. BPL is working tirelessly with teams from Long Island, Eleuthera, and New Providence, and we are making sure that no power station in Eleuthera will lack sufficient generation capacity.”
Prime Minister Davis said water supply has also been a concern and with Eleuthera’s rapid growth post-COVID putting additional pressure on an aging infrastructure.
He said to address this, the Water and Sewerage Corporation has over seven million US dollars in capital works already in progress, with more projects in the pipeline.
“This government isn’t interested in quick fixes or political stunts. We are committed to providing long-term solutions. The work we are doing with BPL and the Water and Sewerage Corporation is part of a comprehensive strategy to ensure reliable access to both electricity and clean water for every resident of Eleuthera.
“Our focus is on making sure that these services are stable and sustainable, not just for today, but for the future. We must put the people of Eleuthera first, ensuring that the foundation is being laid for continued growth and progress for generations to come.”
Prime Minister Davis said that the vision is simple, “to move beyond these growing pains and ensure that Eleuthera has what it needs to support its people and its economy for years to come”.
NASSAU, Bahamas, Set 10, CMC –
CMC/df/ir/2024
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