International Finance Corporation
CASTRIES (IFC) — IFC, a member of the World Bank Group, has been chosen as the lead advisor to assist the Saint Lucia Air and Sea Ports Authority (SLASPA) and the Government of Saint Lucia structure a public-private partnership for the redevelopment and operation of the Hewanorra International Airport.
The Hewanorra International Airport is the main gateway to Saint Lucia and sees approximately 660,000 passengers each year. However, it faces severe congestion in its terminal and the area where aircraft are parked, unloaded and boarded. This significantly limits its ability to support current passenger traffic and future growth in traffic. The tourism industry is a key engine of Saint Lucia’s economy, making a significant contribution to gross domestic product.
“The redevelopment of the Hewanorra International Airport will support Saint Lucia’s long-term economic and social development,” said Hon. Dr. Kenny Anthony, Prime Minister. “With support from IFC, we are engaging in a transparent process to ensure the airport is redeveloped to international standards, attracts the best airport management, and creates opportunities for the people of Saint Lucia.”
Well-structured public-private partnerships — agreements between governments and firms to provide infrastructure and public services — leverage the expertise and capital of the private sector to enhance the quality and efficiency of the public sector.
As part of its mandate, IFC will conduct a detailed technical, legal and financial analysis of the airport, a comprehensive assessment of development options, and recommend a transaction structure. IFC will also assist in conducting a transparent and competitive bidding process to identify a qualified private sector partner for the sustainable development of the Hewanorra International Airport under a public-private partnership.
“When structured properly, public-private partnerships can be an important tool for governments to address development challenges by sharing risks between the public and private sectors,” said Kirk Ifill, IFC Resident Representative for the Southern Caribbean. “Through its advisory role, IFC will assist the Government of Saint Lucia leverage private sector capital and expertise in the redevelopment of the Hewanorra International Airport. We are excited about this important initiative.”
Since 2000, IFC has committed $2.1 billion in the Caribbean, including $515.8 million in mobilizations. IFC supports public-private partnerships in energy, transport and logistics infrastructure. We also implement programs to improve the business climate, build the skills of local entrepreneurs, and promote access to finance. Our Caribbean strategy focuses on promoting job creation and inclusive growth; helping the private sector respond to the global financial crisis; supporting innovation, competitiveness and regional integration; and providing investments that help companies adapt to and mitigate the effects of climate change. We have offices in Trinidad, Jamaica, Haiti, and the Dominican Republic serving 14 countries across the Caribbean.
This transaction is supported by the Department of Foreign Affairs, Trade and Development Canada (DFATD) an important partner in providing financial support for IFC’s advisory services in Caribbean.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org.
About The Saint Lucia Air And Sea Ports Authority
The Saint Lucia Air and Sea Ports Authority was established by an Act of Parliament in 1983, and is responsible for running the island’s two principal seaports, Castries and Vieux Fort, and the George F.L. Charles and Hewanorra International Airports, as well as the smaller points of entry: Soufriere, Marigot and Rodney Bay Marina. — www.slaspa.com
About The Department Of Foreign Affairs, Trade And Development Canada
The Department of Foreign Affairs, Trade and Development Canada (DFATD) is Canada’s lead agency for development assistance. DFATD’s aim is to manage Canada’s support and resources effectively and accountably to achieve meaningful, sustainable results and engage in policy development in Canada and internationally, enabling Canada’s effort to realize its development objectives.