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SANGSTER AIRPORT PRIVATIZATION.

The National Investment Bank of Jamaica (NIBJ) is in the final stages of concluding arrangements for the privatization of the Sangster International Airport, said Burchell Whiteman, Information Minister, reports The Jamaica Gleaner (Nov. 5, 2002). Mr. Whiteman said the transfer of the airport's operations from the Airports Authority of Jamaica (AAJ) to YVRAS Consortium of Vancouver, Canada, should be concluded by Dec. 31. The privatization of the airport will be effected by the grant of a 30-year concession agreement to develop and manage the facility. The Government will continue to own the airport property and will have the right to terminate the concession in the event that the private operator fails to meet his contractual obligations. Privatization is limited to the operation of the airport and the development of the physical infrastructure, an undertaking estimated to cost US$200 million.

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Title Annotation:YVRAS Consortium granted 30-year concession
Comment:SANGSTER AIRPORT PRIVATIZATION.(YVRAS Consortium granted 30-year concession)
Publication:Caribbean Update
Article Type:Brief Article
Geographic Code:5JAMA
Date:Dec 1, 2002
Words:142
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