Gov’t secures EC$100M loan for airport improvements.
Before the end of November, the Cabinet has announced that it expects to finalize a loan of EC$100 million to be distributed between the government and the Antigua and Barbuda Airport Authority (ABAA).
According to Lionel Hurst, Chief of Staff in the Prime Minister’s Office, the resurfacing of the runway at the VC Bird International Airport is the top priority.
On Wednesday, Cabinet members met with three executives from an unnamed banking group.
The government will receive $10 million upon signature of the loan document, and the remaining portion will be distributed in phases to the ABAA, according to Cabinet notes. Hurst provided additional details on the planned activities to be carried out by the Airport Authority after receiving the loan.
Before the end of November, the Cabinet has announced that it expects to finalize a loan of EC$100 million to be distributed between the government and the Antigua and Barbuda Airport Authority (ABAA).
According to Lionel Hurst, Chief of Staff in the Prime Minister’s Office, the resurfacing of the runway at the VC Bird International Airport is the top priority.
On Wednesday, Cabinet members met with three executives from an unnamed banking group.
The government will receive $10 million upon signature of the loan document, and the remaining portion will be distributed in phases to the ABAA, according to Cabinet notes. Hurst provided additional details on the planned activities to be carried out by the Airport Authority after receiving the loan.
He stated that the airport runway would require significant outlay for resurfacing, but not necessarily all of it. Additionally, there are areas in the terminal that require some uplift, and the Airport Authority intends to bring it back up to scratch.
Although the Cabinet notes did not disclose details about the repayment schedule and interest rate, it is expected that the first distribution of funds will take place this month. Negotiations on the loan agreement have been ongoing for several weeks
This story was first published by Antigua News on November 10, 2023: antigua.news/2023/11/10/govt-secures-ec100m-loan-for-airport-improvements. © 2023 Antigua News. Republication without permission is not allowed.
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