SFD Signs $55M Loan for North Eleuthera Airport

The Saudi Fund for Development (SFD) signed a $55 million development loan agreement with the Airport Authority of The Bahamas to finance the North Eleuthera International Airport Development Project, according to an official announcement from the SFD. The agreement, signed by SFD Chief Executive Officer Sultan Al-Marshad and Chairman of the Airport Authority of The Bahamas Paul Bevans, aims to expand the airport’s operational capacity from 300,000 to 700,000 visitors annually, creating over 300 direct jobs during the operational phase and supporting regional socioeconomic development.

Context and Background

The signing ceremony, held in Nassau, The Bahamas, was attended by Prime Minister and Minister of Finance of The Bahamas Philip Davis, Deputy Prime Minister and Minister of Tourism, Investments, and Aviation Isaac Chester Cooper, members of the Bahamian Cabinet, Eleuthera’s members of Parliament, the SFD delegation, and other senior government officials. This agreement marks another milestone in the longstanding partnership between the SFD and The Bahamas, reflecting the Fund’s commitment to supporting Small Island Developing States (SIDS).

In 2023, the SFD financed two additional development loans for The Bahamas: a $10 million agreement to establish business incubation centers supporting 100 small businesses across Nassau Island, Exuma Island, and Grand Bahama Island, and a $70 million loan for the Family Islands Airports Renaissance Project, which aims to increase annual airport visitors to 285,000. These initiatives underscore the SFD’s strategic focus on enhancing infrastructure and economic resilience in partner countries.

Key Details

Deputy Prime Minister Isaac Chester Cooper highlighted the importance of the loan agreement, stating, “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 traveling both to and from the destination.”

SFD CEO Sultan Al-Marshad emphasized the Fund’s commitment to advancing The Bahamas’ air transport sector and fostering 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 helping build these countries’ economic resilience.”

Implications and Impact

The expansion of North Eleuthera International Airport is poised to significantly boost tourism and trade in the region, aligning with The Bahamas’ national development goals. By increasing visitor capacity and creating jobs, the project will stimulate local economic growth and improve connectivity for residents and travelers. This development also reinforces the SFD’s role as a key partner in fostering sustainable development and economic resilience in the Caribbean.

Globally, the SFD’s involvement in The Bahamas exemplifies Saudi Arabia’s broader commitment to international development and cooperation. In 2024, the SFD celebrated 50 years of global development impact, having touched 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 over 800 projects with total funding of $20 billion.

Vision 2030 Alignment

This agreement reflects the principles of Saudi Vision 2030, which emphasizes international partnership, sustainable development, and economic diversification. By supporting infrastructure projects in The Bahamas, the SFD demonstrates Saudi Arabia’s leadership in global development and its commitment to fostering prosperity beyond its borders. As the Kingdom continues to advance its own transformation, it remains dedicated to sharing its expertise and resources to help other nations achieve their development goals.

20 Questions

Q1. What is the amount of the development loan agreement signed between the Saudi Fund for Development (SFD) and the Airport Authority of The Bahamas?

A1. The agreement is a $55 million development loan aimed at financing the North Eleuthera International Airport Development Project in The Bahamas.

Q2. Who signed the agreement on behalf of the SFD and The Bahamas?

A2. SFD Chief Executive Officer Sultan Al-Marshad and Chairman of the Airport Authority of The Bahamas Paul Bevans signed the agreement.

Q3. What is the main objective of the North Eleuthera International Airport Development Project?

A3. The project aims to expand the airport’s operational capacity from 300,000 to 700,000 visitors annually, creating over 300 direct jobs during the operational phase.

Q4. Where was the signing ceremony held?

A4. The signing ceremony was held in Nassau, The Bahamas, and attended by senior officials from both sides.

Q5. Which Bahamian officials attended the signing ceremony?

A5. Prime Minister and Minister of Finance Philip Davis, Deputy Prime Minister and Minister of Tourism, Investments, and Aviation Isaac Chester Cooper, members of the Cabinet, and Eleuthera’s members of Parliament attended.

Q6. What did Deputy Prime Minister Isaac Chester Cooper say about the loan agreement?

A6. He highlighted that the loan signifies the benefits of strong international partnerships and will revitalize the North Eleuthera Airport to improve passenger experiences and support economic growth.

Q7. What did SFD CEO Sultan Al-Marshad emphasize about the project?

A7. He emphasized that the airport development will improve transportation, unlock trade and tourism opportunities, and support the economic resilience of Small Island Developing States.

Q8. How many direct jobs will be created during the operational phase?

A8. The project is expected to create over 300 direct jobs during the operational phase, supporting local employment and socioeconomic development.

Q9. What other development loans did the SFD finance for The Bahamas in 2023?

A9. In 2023, the SFD financed a $10 million loan for business incubation centers and a $70 million loan for the Family Islands Airports Renaissance Project.

Q10. What is the goal of the Family Islands Airports Renaissance Project?

A10. The project aims to increase annual airport visitors to 285,000, enhancing connectivity and tourism across the Family Islands.

Q11. How many small businesses will be supported by the business incubation centers?

A11. The business incubation centers will support 100 small businesses across Nassau Island, Exuma Island, and Grand Bahama Island.

Q12. What is the significance of the SFD’s support for Small Island Developing States (SIDS)?

A12. The SFD is committed to helping SIDS build economic resilience and achieve sustainable development through targeted infrastructure and economic projects.

Q13. How many years of global development impact did the SFD celebrate in 2024?

A13. In 2024, the SFD celebrated 50 years of global development impact, marking five decades of supporting development projects worldwide.

Q14. How many countries has the SFD supported through its development projects?

A14. The SFD has supported projects in 100 countries across Africa, Asia and the Pacific, Latin America and the Caribbean, and Eastern Europe.

Q15. What is the total funding provided by the SFD for development projects to date?

A15. To date, the SFD has financed and supported over 800 projects with total funding of $20 billion.

Q16. How does the North Eleuthera Airport project align with The Bahamas’ national development goals?

A16. The project supports the growth of tourism, the nation’s number one industry, and promotes economic growth for the people of Eleuthera.

Q17. What impact will the airport expansion have on tourism in The Bahamas?

A17. The expansion will double visitor capacity to 700,000 annually, enhancing tourism infrastructure and improving passenger experiences.

Q18. How does this agreement reflect Saudi Arabia’s Vision 2030?

A18. It reflects Vision 2030’s emphasis on international partnership, sustainable development, and economic diversification, showcasing Saudi Arabia’s global development leadership.

Q19. What role does the SFD play in global development?

A19. The SFD provides development loans and grants to support infrastructure, economic resilience, and socioeconomic growth in developing countries worldwide.

Q20. What are the expected outcomes of the North Eleuthera International Airport Development Project?

A20. The project will expand airport capacity, create jobs, boost tourism and trade, and contribute to the socioeconomic development of Eleuthera and The Bahamas.

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