By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

The deputy prime minister yesterday asserted it is "regrettable" that funding for Grand Bahama International Airport's redevelopment has yet to be secured as the Government seeks new financing sources.

Chester Cooper, also minister of tourism, investments and aviation, said financing was initially supposed to be procured by the winning consortium that featured Manchester Airport Group (MAG), which would have had a management agreement to operate the facility. However, since funding has not materialised, the Government is now exploring alternative avenues.

“We executed a private-public partnership (PPP) some time ago for the advancement of the airport. It involved the management agreement with Manchester Airport Group that continues to be actively engaged. There were to be Bahamian contractors, which we celebrated, and there was to be funding provided by the group,” said Mr Cooper.

“Regrettably, the funding hadn't happened. We, at the moment, are organising alternative funding. Whilst I can't speak to that today, I can tell you that we're making progress and, in due course, I'll be making a further statement.”

Mr Cooper in February 2024 pledged that demolition work at Grand Bahama International Airport will begin "within the next 30 days" having initially announced the deal with the Government's private sector partners in March 2023. The funding was originally set to come from the UK government's export financier and provider of trade credits and guarantees.

Tony Myers, Bahamas Hot Mix’s (BHM) chairman, the company itself and CFAL president, Anthony Ferguson, were all members of the Bahamian investor group named as spearheading what was billed as a complete overhaul of Grand Bahama International Airport. They were joined in Aerodrome Ltd by two fellow Bahamians - Anthony Farrington, an engineer, and Greg Stuart, a businessman.

BHM’s involvement in the project was through its UK-based international arm, BHM Construction International. The group teamed with Manchester Airport Group as its operating partner, with financing for the project to be provided by UK Export Finance, the British government body.

The promised $200m overhaul included international cargo, warehouse and logistics ambitions. Meanwhile, Michael Pintard, the Opposition's leader, yesterday slammed the Grand Bahama International Airport delays, calling the situation “the latest addition to a long list of broken promises and empty commitments” by the Davis administration.

He highlighted that the Government had previously announced the airport would be completed by April 2025, with $200m in funding reportedly secured. “The PLP first announced plans for the Grand Bahama Airport PPP more than three years ago. In March 2023, the deputy prime minister promised residents that phase one of their new airport would be completed 'no later than April 2025'," said Mr Pintard.

“Just months later, Prime Minister Davis claimed that $200m in funding had been secured for the project and boasted that construction was moving forward. But, today, Grand Bahama is still waiting. Where is the airport?

"Did the Government ever receive the $200m it promised, or was the money diverted elsewhere? Was the funding cancelled because of the PLP’s mismanagement, or was it simply another phantom figure, like the $120m they once claimed was already in the bank for the Grand Lucayan?”

Mr Pintard accused the Government of neglecting the pressing needs of Grand Bahama residents while prioritising what he described as wasteful and politically-motivated activities.

“Instead of focusing on delivering results, the PLP spends its energy on extravagant travel, political patronage and self-promotion. Meanwhile, the people of Grand Bahama remain without the critical infrastructure they were promised,” said Mr Pintard.

He added that residents in Grand Bahama are left grappling with the consequences of a stalled airport redevelopment, impacting both the island’s economic recovery and its attractiveness to investors and tourists.

“After all the talk, after the supposed funding and the much-hyped PPP deal, not a single meaningful step has been taken. The island is no closer to getting its new airport, and the Government has once again proven that it cannot deliver,” said Mr Pintard

Despite the delays, the Government has indicated that new funding sources are being explored. The Davis administration previously revealed plans to use $300m from the recent $1.067bn sovereign bond refinancing to capitalise the National Investment Fund.

Ryan Pinder KC, the attorney general, speaking in the Senate during the 2025-2026 Budget debate, said the National Investment Fund (NIF) will be a fund-of-funds structure with six underlying sub-funds targeted at specific areas with a focus on public improvement and development projects.

Among them, he said, will be an Airport Development sub-fund specifically designated for financing the redevelopment of the Grand Bahama International Airport.

“My colleagues from Grand Bahama listen carefully…the first one is an Airport Development Fund. This is for the funding for the development of the new Grand Bahama International Airport, which we will hear more on from the Prime Minister soon. The structure of the funding is being put in place Grand Bahama,” said Mr Pinder.