World Bank and St. Maarten representatives at the signing of the financing agreements.
WASHINGTON, D.C.--The St. Maarten government and the World Bank have signed the US $72 million grant agreement for the Terminal Reconstruction Project, which aims to restore full service at the Princess Juliana International Airport (PJIA).
The project is a tripartite initiative that includes a $72 million grant from the St. Maarten Recovery and Reconstruction Trust Fund, which is financed by the government of the Netherlands and managed by the World Bank. The other two parts of the financing agreement are $50 million from the European Investment Bank (EIB) and $7 million from the PJIA 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 World Bank Country Director for the Caribbean, Tahseen Sayed.
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, said the World Bank in a press release on Monday.
“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 St. 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 Silveria Jacobs.
The St. Maarten Recovery and Reconstruction Trust Fund provides grant financing and technical support to St. 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 $127.7 million are currently being implemented by the St. Maarten government, according to the press release.
