International financing agreed for Barbados airport

A memorandum of understanding (MoU) between a Chilean company, a Middle Eastern state and the Grantley Adams International Airport (GAIA) company has been agreed to redevelop the airport.

Credit: Grantley Adams International Airport

The deal has been signed between Grantley Adams International Airport (GAIA) Inc and The Office of His Highness Sheikh Ahmed Dalmook Al Maktoum of Dubai, which will provide BDS$300m into the airport, as well as coordinating and facilitating investments in new hotels and airlift.

Also part of the MoU is Chilean firm Agencias Universales, a passenger and cargo maritime and air transportation specialist.

“A critical component of this potential PPP is that there will be no change in the ownership of our airport and no change in the terms and conditions of employees,” said Barbados’ Minister of Tourism and International Transport, Ian Gooding-Edghill.

The future of the airport project had been in doubt for some time, after the procurement stalled in late 2020 with 13 bids entered.