Prime Minister Gaston Browne says an Organisation of Eastern Caribbean States (OECS) airline is moving closer to becoming a reality following discussions among regional leaders during the 78th OECS Authority Meeting in Antigua and Barbuda.
The regional carrier is tentatively dubbed ‘OECS Air,’ with US$60 million earmarked for its potential development.
Speaking on Pointe FM’s Browne and Browne Show on Saturday, Browne said heads of government reaffirmed their commitment to establishing a regional carrier, pending the outcome of a feasibility study being conducted by the Eastern Caribbean Central Bank (ECCB).
“We would have all confirmed our commitment to an OECS airline, subject to the study that is being done by the Eastern Caribbean Central Bank.”
The Prime Minister said the study is expected to be completed within weeks and will determine the airline’s financial viability.
“We expect within a matter of weeks that the Eastern Caribbean Central Bank would have completed their studies and that it would confirm the viability of this entity.”
Browne revealed that approximately US$50 million in unclaimed deposits held by the ECCB has already been identified as a possible funding source.
“We have already identified about US$50 million in proceeds. Those are the unclaimed deposits within the Eastern Caribbean Central Bank. They have been unclaimed for over 25 to 30 years.”
He added that discussions with France’s representatives during the meeting could unlock even more funding.
“Our French colleagues indicated that we may be able to get some indirect funding from the European Union.”
If approved, he said, available financing could exceed US$100 million.
“Potentially we could raise over US$100 million.”
Browne described improved regional air connectivity as one of the OECS’ highest priorities, alongside energy cooperation and reducing the cost of living.
The regional airline has long been viewed as a way to lower travel costs, improve inter-island transportation and strengthen economic integration among OECS member states.
Soooo where will be this airlines home base? Will that be direct competition for LIAT that we invested so much in to ensure it’s survival? Then again this might be a good thing for our pockets
So what happened to LIAT Air . Are we mixing up!