Government of Sint Maarten and World Bank Sign US$72 Million Grant Agreement for Reconstruction of Princess Juliana Airport

WASHINGTON, Dec. 9 -- The World Bank issued the following news release:

The World Bank and the Government of Sint Maarten signed a US$72 million grant agreement for the Sint Maarten Airport Terminal Reconstruction Project which aims to restore full service at the Princess Juliana International Airport in Sint Maarten. The Project is a tripartite initiative that includes a US$72 million grant from the Sint Maarten Recovery and Reconstruction Trust Fund financed by the Netherlands Government and managed by the World Bank, US$50 million from the European Investment Bank and US$7 million from the Princess Juliana International Airport Operating Company (PIJAE).

"The project aims to restore the airport terminal to its pre-hurricane capacity of 2.5 million passengers per year. It also uses 'building back better principles' to strengthen resilience to future extreme weather events, thereby supporting continuity of services for an airport that is a critical link for regional transportation," said Tahseen Sayed, World Bank Country Director for the Caribbean.

The Project presents a comprehensive package of financial and technical support including financing for PJIAE's operational costs in the event of weather-related calamities during reconstruction, airport staff capacity development and management training, and institutional and governance strengthening. All activities will be undertaken in accordance to World Bank's fiduciary, social and environmental requirements.

"I'm very pleased with the signing of the agreements of the World Bank and the European Investment Bank for the financing of the reconstruction of Princess Juliana International Airport. Tourism is the backbone of Sint Maarten's economy, so restoring the full capacity of the airport is of vital importance to the economic recovery and development of our country," said Prime Minister of Sint Maarten Silveria Jacobs.

The Sint Maarten Trust Fund provides grant financing and technical support to Sint Maarten in line with the country's National Recovery and Resilience Plan (NRRP) and its goals of restoring economic, community and governance infrastructure, as well as improving public services. Four projects amounting to US$127.7 million are currently under implementation by the Government of Sint Maarten.