Project Teaser Fact Sheet Media Releases GAIA PPP Process Project Timeline
Media Fact Sheet
GAIA Inc. is seeking an experienced, qualified private investor to operate, expand and improve operations at the Grantley Adams International Airport through a PPP
- GAIA Inc. will enter into a long-term performance-based public-private partnership with an airport operator
- A PPP (Public-Private Partnership) is a contractual arrangement between the public and private sector, typically long term, where significant risks are transferred to the private sector
- PPPs are primarily used for providing infrastructure, such as transportation systems including airports and ports, energy, water and sanitation, building and equipping schools and hospitals
The Grantley Adams International Airport is not being sold
- The ownership of the airport will remain at all times with the Government of Barbados
- The private operator will only have the right of use to the airport assets and the right to invest and expand the airport, similar to a lease, for the length of the partnership
- At the end of the PPP, the airport’s assets return to the Government
Earlier this year GAIA Inc. began working with the IFC to help us find the most qualified airport operator
- The International Finance Corporation (IFC) is the private sector arm of the World Bank Group which offers advisory and investment services
- The IFC is advising GAIA Inc. in identifying the most qualified airport operator through an open, transparent competitive tender process
- The final decision on which operator will be awarded the contract will be based on the evaluation of bids received against the criteria set by GAIA Inc./Government. IFC will provide support to them in the bid evaluation process
- The IFC is not the new airport operator, it is only advising GAIA Inc. on identifying the most qualified operator
GAIA Inc.’s partnership with the private airport operator will last up to 30 years
- GAIA Inc./Government will retain full ownership of the airport during this time
- GAIA Inc. will closely monitor performance in line with the contract and financially penalize the operator in case of non-performance
- At the end of the partnership, operations of the expanded airport will return to GAIA Inc.