let me thank you for coming to this signing ceremony and press briefing many of you may have heard the Minister of Tourism and international transport and myself referred to the fact that we had been in discussions with the AFC in order to be able to see what we could do with the urgent injection of capital and opportunities for joint ventures with the grantee Adams International Airport after much discussions we came to the view that the government would retain ownership of the grant leeadams International Airport we will eventually do a divestment partially of some limited shares to the National Insurance Scheme and to the workers of the airport but that without prejudice to that and the retaining retention of the majority ownership of the asset that we would work to do a long-term concession on the airport because it is urgently in need of major capital refurbishment any of you who visit the airport on a Saturday afternoon will understand what I mean any of people who have to deal with the air to see transfers will also understand what I have to mean and we are not satisfied that we're extracting the greatest possible value that we can from that institution having having said that we had also determined that Barbados must be a hub for the Southern Cone a hub of choice for the southern corner of the world both in terms of air and maritime transport both in terms of people and cargo it is against that background that I am pleased and would like to thank the minister and the ministry and the grant leeadams International Airport and its board and management for putting us in this position today and even more pleased that we have with us visitors and Regina I think that I've tried to I've discovered that she is a lover of cricket and even though we may not always support the same team we support the same support and I suspect the rivalry between the teams that we support is slightly in my favor at this moment but I don't want to speak [Laughter] that we have mastered the art of showing how barbarians can constitute a team and when I'm test match in three days such is the nature of our our relationship and I therefore I'm very happy this morning to pass on to you Regina the opportunity to be able to say a few words and then to chairman Vik and have then the formal signing ceremony and to take any questions from the media thank you very much thank you I'm just gonna shift this because it seems as though this has the apparatus that may be necessary thank you so on behalf of IFC I would like to congratulate the government of Barbados in choosing to improve the grant leeadams International Airport through a public-private partnership through this mechanism the private sector will be responsible for undertaking the required capital works financing operations and maintenance of the airport under a long-term contract obligation the length of the concession is to be to be finalized the signing of the FS FASA the financial advisory service agreement will allow allow IFC and the grantee Adams International Airport a court in corporation incorporated to begin work on the diagnostic work and the transaction structuring design for the GA ia the grant of the at the airport International Airport and that will include technical legal financial and environmental and social do diligence once that phase is completed the tower the teams will focus on the development and finalization of the bidding documents competitive competitive bidding process and the contract award to the winning bidder the honorable Prime Minister has asked us to conclude the work in within the it's an aggressive timeline but one that we are committed to achieve we are extremely pleased to working with the government of Barbados and the grant leeadams international effort it incorporated in this very important transaction and look forward to strengthening this partnership that's just I realize that it may convey reality and my desire to be able to ease the formality of the one that I forgot to introduce George uniformly Georgina is the vice president Latin American Caribbean International Corporation IFC is an allied entity of the World Bank thank you thank you very minute sir and Georgina on behalf of the board I want to say that this is an important occasion for us when we took over as a board just under a year ago the ballista gave us a very specific mandate that we should improve the visitor experience grant leeadams International Airport we should ensure that Grant Lee Adams became the best small airport of its kind anywhere in the world and we should also accelerate and improve the return on the investment at GAA none of which is easily achieved and none of which could have been achieved entirely on our own resources there are several other projects in addition to this one which are ongoing we are about to start the repaving of Grant Lee Adams International Airport long overdue the expansion of the regional lounge we've already completed gate 14 and 16 as a temporary facility to facilitate the er-2 cc2 air transport we've removed the process of immigration from the departure we're adding new scanners at the moment additional kiosks 32 in number are going to be added and eventually you will see the elimination of the IDI forms those horrendous forms that you have to fill out every time you come in in addition there are several other plans and projects the introduction of bridges the upgrade of the general facilities in grant leeadams airport so this project will dovetail nicely with the ones that we are currently doing a grant leeadams International Airport and will ensure that we meet demand it from the minister to ensure that this is the best small airport of its kind anywhere in the world thank you very much ladies and gentlemen well this signing of the financial advisory services agreement we have completed the very first part of our of our work with the IFC we know redouble our efforts in order to try to to accelerate and make sure that we are able to meet the prime minister's mandate of being able to hopefully have the new investment partner on board with us I would want to think optimistically by this time next year all things being equal and so the the airport I have to say first of all thanks to the board for their tremendous cooperation and to the management team for all of the effort that has been put in we could not have come hither without their support and I give the assurance that I will redouble all efforts in order to make sure that we are able to to meet that mandate in a in a timely manner Prime Minister if the second copy kidding that's it that's it [Applause] are there any questions am I should say that it is anticipated that the major capital refurbishment will add about another twenty seven thousand square meters Airport is really a mall and it is really an area where people have to wait and therefore you want them to wait in the most comfortable of circumstances but while they wait you want entice them to leave a little something behind if they haven't left it behind on the streets you need to leave it behind in the airport and that's what we're trying to do in order to be able to extract greater value from the tourism experience and a travel experience any questions from anybody I do not show across the Caribbean Sea I repeat and if that is an article of faith for me last week it is still an article of faith for me today I give you the assurance any people are violators that when the cabinet has reviewed and is in a position to be able to do so that I will speak in the place to which we have become accustomed to speaking which is the Parliament of our Vedas and I will speak to the people of Barbados but I am not in the habit of sharing correspondents that I've written to anyone far less colleague heads in the press before they have seen it and I don't think that there's anything that would cause me to alter those basic precepts of behavior that I consider they're too old early what I could tell you to Barry is that fret not they said any other questions yes mom the the intention is to join the concession period and the life of the concession is going to be approximately 25 to 30 years and we are looking at the expansion of the terminal building as the prime minister previously indicated to you the addition of five jet bridges the relocation and construction of a new air traffic complex the modernization of the airport systems and infrastructure and we've already begun the the the process for the repavement works the repayment of the the runway and in fact that exercise physically should start during the course of this summer no sir there would have been some concerns when the key also her first place where they are no not just a number but he caused us involved in persons getting through the system before heading for their luggage are you satisfied know that those teaching problems are behind us and will be smooth passages for not not just international passengers about combinations in particular yeah well it is a work in progress the the as recently as Monday afternoon the Minister of Immigration and myself had a meeting at the airport with all of the relevant parties and again to go through and find to detail all that is taking place up there with respect to the use of the chaos because we do anticipate being able to move towards universal usage of it hopefully by July the 32 additional kiosks which are required are now on island and the soon be implemented the issue there now is the creator and a prophet an appropriate floor plan so as to settle on the way in which we we lay them out to maximize the flow of traffic and the ease of the flow of traffic some of the issues are beyond the immediate control though of the airport and they therefore have to be dealt with in a multi-dimensional way for example we have to make sure that there is a seamless interface between customs and the the the the kiosk printout sheets there has to be equally a seamless interface between the immigration and the kiosk print OC sheets and the latter one with regard to immigration I am quite satisfied that we have gotten pretty much where we need to be and I did an assessment on Monday evening as I said I actually measured the average times there were some people who are able to come through in less than two minutes which is really where we want to be it's a question also of being able to make sure that there is an adequacy of the the lines as people go through the airport is small and the challenge really is also a special challenge the way in which we make maximum use of the space available and obviously we can't just expand that that space so this exercise in part perhaps us to overcome some of the challenges that you were talking about the air traffic control tower is separate and apart at this stage but understand that the the new concessionaire will have an opportunity to look at the master plan of the airport which is currently now being revised and they then will be able to make some made some input into what we treat as priority and what we don't have to treat this priority the problem is that the airport has been in a state now of disrepair for such a long period of time that pretty much everything seems to be a priority at this at this point which is why again I must thank the my permanent secretary and the chairman and rest of the board because for the last year effectively they have been trying to go through a process of identifying what we can do so that the concession does not have to be about repairing the small things if we can get some of them out of the way then we can use this inflow of capital to deal with some of the bigger bigger issues that that confront us well that is going to be part of the life of the concession so that I would imagine that that would be one of the priorities for the new concession here because of the original no we haven't gotten there yet I have a cost we have a constant oh you mean uh yeah too early to do that yeah I could say to you though I can say to you that in terms of the South ramp that isn't matter that has been under active consideration over the last year and we are fairly satisfied that for it to have the airport can ha sorry the airport has a tremendous amount of potential to generate non aeronautical revenue those things that have nothing to do with the landing of the aircraft etcetera etc and we believe that if you use this or a more effectively you can have a lot more facilities over there whether it be maintenance and repair operations for example even the flight school to some extent can be expanded there there are a number of things that can be done over there which can generate um revenue for the for the for the installation expectation regarding the classification of the airport based on this project how do you also would classify it's just a long way in the direction that we want to go but there's more in the mortar than just that pestle there there also has to be the ability for us to to bring about the the Civil Aviation Authority cabinet has approved that as a way forward and we are working now on the legislation for the creation of a Civil Aviation Authority in Barbados and that will put us alongside of the Eastern Caribbean and Guyana and Trinidad and Tobago as being able to have our own standing authority and that critically puts us in a position then for us to be able to say that aircraft carrying Barbados is flag would be or registered in Barbados would be able to to land in United States of America and that that is really one of the critical issues that we have to deal with I think that it is fair to say that this issue of the absence of a Civil Aviation Authority has been outstanding for too long for more than a decade and I'm happy Minister that you and your ministry have been able to put cabinet in a position to approve the draft and instructions the bill is clearly now being drafted by the chief parliamentary Council and these and other things are intended one two both fix the mission-critical problems that we had which is where the government took the decision to approve to approach the Caribbean Development Bank in order to be able to take out the loan to do the run with the repaving of the runways as you recall a year ago when we inherited the government the previous government was in fact in a PPP discussion that would have seen them spent over a hundred and ten million u.s. dollars just on the runways and the air traffic control tower and wanted to other select minor things that would not have seen the kind of expansion of the airport that we are proposing in this concession so I want you to put things in context that one year ago this week what we had was a direction that would have seen just a exceedingly expensive repairing of the runways and we've been able to do that with cdb with alone from the CBB that was saying in November that is that a significantly cheaper cost of capital than that previous one and secondly with respect to the air traffic control which as I said is all in the mix but at this stage it is not mission critical for us in the same way that the runway was and hence that would be reviewed as part and parcel of the concessionaires mandate with respect to the airport so I'd like you to remember that as you as you proceed and I hope that a build for the Civil Aviation Authority will come to Parliament by September October allow us therefore to be able to put that behind us as well long standing I think that and very pleased perhaps answers what you wanted to ask but you did not ask that what is my religious commitment to regional air travel Barbados is committed to Lia and regional air travel we may not be committed to Lia 1974 limited and that's the fundamental difference and there's more than one way to do that which we have to do but at the appropriate time with respect to the details of any discussions I'm not going to disrespect the process I'm not going to disrespect the people with whom we do business there is a right way to do things and I will follow that right with sorry we're gonna give you memories upon memories of fun memories [Laughter] do they suspect you will have to abandon your camera