PROVO AIRPORT BOUGHT BACK

by Vivian Tyson -SUN Senior Editor

The Providenciales International Airport is back in the hands of the Turks and Caicos Islands people after Government through the Turks and Caicos Islands Airport Authority (TCIAA) repossessed the entity from previous owners Provo Airport Company at an undisclosed cost.

And those wanting to know the details of the deal may have to wait until early next year, as the TCIAA and the TCI Government is keeping the details of a deal reached with PAC to acquire the entity on behalf of the state, close to their chests, saying that details of the process would be released soon.

On Thursday, December 17, the three entities inked a deal for an agreement to purchase the airport from Provo Air Company, which the Airport Authority said “marks the return of a valuable national asset to the people of the Turks and Caicos Islands”.      

Recently, the Governor and Advisory Council granted the Airport Authority leave to pursue financing to facilitate what the TCIAA described as redevelopment of the airport on the basis of full ownership by the Authority. The TCIAA noted that there is a need to ensure that the airport satisfies International Civil Aviation Organisation (ICAO) regulatory requirements, as well as existing and future capacity demands, which it said are essential to the growth of tourism.

The TCIAA said in a statement that self financing of the project will be generated through the Airport users, 95% of whom are the tourists visiting the country.

However, when The SUN contacted John T. Smith, CEO of the TCIAA, to acquire a wider understanding of the acquisition deal, including the selling price, he was not prepared to release any further information, at least for now, noting that more information could be forthcoming before the week was out. He pointed out also that a news conference would be held early next year to explain the full details of the agreement. 

“When we are dealing with development negotiations, they are open, clear and transparent because we have to keep notifying the public of the milestones, but we also have a duty and responsibility to not disclose certain information before the specified time. We operate under a disclosure agreement, and until such time, there is to a point to what one can say. There is so much detail that one can give at this time,” Smith explained.
Even before the capitulation of the former Progressive National Party (PNP) administration, there was talk of repossessing the airport from the PAC, in order to redesign the terminal and lengthen the runway to accommodate larger craft so as to expand its tourism product advertisement further into the European market.

“This process aims to provide a steady, continuous revenue stream to the Turks and Caicos Islands Government (TCIG), as well as allowing TCIAA to cover operational costs. The funds secured for the expansion of the project will be used solely for this purpose and are not otherwise available to TCIG,” the TCIAA said in its statement.

The statement went on to say that the commitment of the Government and TCIAA towards the redevelopment project highlights confidence in the Turks and Caicos Islands tourism industry and will help to secure tourism growth in the years to come. 

While it is not clear yet as to source of the funding, construction company Ashtrom, which has been operating in the Caribbean for almost half a century, had signaled its intention sometime ago to undertake its redevelopment, while intending to work out repayment plan with Government. It is not clear if that offer is still on the table or if Government is interested if it is.