On Thursday February 28th 2019, the Council of Ministers approved the signing of a loan agreement of 15 million US dollars for the airport with the Netherlands. This bridge loan will be made available by the Minister of Finance to Princess Juliana International Airport to ensure that the airport can continue to pay salaries and fulfil its other operational obligations in the coming months. The airport urgently requested this financial assistance in advance of the 100 million US dollars that the Council of Ministers has secured for the reconstruction of the airport through the World Bank and the European Investment Bank.
During the meeting, the Council of Ministers also took note of an approved resolution of the supervisory board of the Princess Juliana International Airport Exploitatiemaatschappij, dated February 25th 2019, accepting the financial assistance of the World Bank and the European Investment Bank.
Prime Minister Leona Romeo-Marlin applauded the decision of the supervisory board and expressed her appreciation to all stakeholders including State Secretary Raymond Knops, the Council of Ministers, the National Recovery Program Bureau, PJIAH, PJIAE and the airport’s management for their cooperation on this extremely important matter.
State Secretary Knops informed the Council of Ministers that the Netherlands has approved Sint Maarten’s request for a bridge loan of 15 million US dollars for the airport based on Article 25(2) of the Rijkswet Financieel Toezicht. Under this provision, Prime Minister Mark Rutte as Chair of the Kingdom Council of Ministers can in emergency situations approve a loan without a formal decision of the Kingdom Council of Ministers.
“I’m pleased that the Kingdom Council of Ministers recognizes the urgency of the situation and that all parties are coming together in finding a way forward that is in the benefit of our country and airport”, Prime Minister Romeo-Marlin stated.
The 15 million US dollars will be made available to the airport in several tranches as a zero interest percent loan. Meanwhile, the National Recovery Program Bureau, as the responsible entity for Trust Fund projects, will continue to coordinate the preparation of the airport terminal reconstruction project. This project serves to finance essential works for the reconstruction of the airport terminal and will help to ensure the continuation of the airport operations in a sustainable manner.