IIC approves US$2.1 million to support the development of the Bahamian aviation sector

09/03/2014

Project will result in increased flight availability among the islands of the archipelago. 

Washington, D.C., September 3, 2014 — The Inter-American Investment Corporation (IIC) approved a loan of up to US$2.1 million for Southern Air Charter Company Limited (“Southern Air”) to partially finance the growth of its fleet in order to increase its operations and to meet the growing demand for flights.

“This IIC loan supports the growth of a company from the air transport sector in order to improve inter-island connectivity in The Bahamas—which is key for the economic development of these islands,” said Rodrigo J. Navas Oreamuno, IIC lead investment officer in charge of the operation.

Southern Air is a Bahamian-owned company that operates from the Sir Lynden Pindling International Airport in Nassau, Bahamas. Nassau serves as the hub of commercial, political, and economic activities in The Bahamas, an archipelago of about 700 islands and cays.

Since it began operating at the end of 1998, Southern Air has offered the traveling public scheduled flights to a number of destinations across the archipelago and charter flights to national and international destinations.
 

About the IIC

The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees, as well as innovative technical assistance, advisory services, and knowledge products. In 2013, the IIC approved 71 operations totaling US$415.4 million. Since its inception in 1989, the IIC has approved more than 800 direct loans to SMEs and financial intermediaries, for a total of US$5.21 billion. An additional US$3.01 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org.

Contact: Rodrigo J. Navas Oreamuno

Telephone: +1 (202) 623-3926 in Washington, D.C.

Email: rodrigon@iadb.org