PRESS RELEASE
Washington/Sint Maarten: The Sint Maarten Trust Fund steering committee gave the final go-ahead to start the reconstruction of the Princess Juliana Airport on Sint Maarten. USD$72 million from the Trust Fund, financed by the Netherlands, is allocated for the reconstruction. The European Investment Bank is also contributing with a loan of USD$50 million.
“I am very pleased that we were able to approve the governance conditions for the airport. Now the reconstruction of the airport can start and we can ensure that the resources are spent responsibly and sustainably”, said Frans Weekers, the representative of the Netherlands of the Trust Fund steering committee.
The plans for the reconstruction are ready, and the necessary financing agreements were signed at the end of 2019. A number of conditions aimed to strengthen the management of the airport were attached to this plan. This includes actions to improve the corporate governance of the airport and put focus on ‘building back better’ so that it is guaranteed that the resources for the repair of the terminal are used transparently and effectively.
Parallel to the financing process started in 2018, preparations for the reconstruction of the airport terminal had begun. As a result, remediation works at the airport can commence. After tendering, it is expected that the extensive repairs will start by the end of the third quarter of this year. The full reconstruction of the airport will be executed in phases, with a total time span of 18-22 months.
The Sint Maarten Trust Fund is financed by the Government of The Netherlands, managed by The World Bank, and implemented by Sint Maarten. More information on activities related to the Trust Fund can be found on
https://www.sintmaartenrecovery.org
