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.