Airport expansion critical for BVI growth — Financial Secretary

Financial Secretary Jeremiah Frett.

Financial Secretary Jeremiah Frett said the long-planned airport expansion in the BVI is critical to economic development, stressing that the territory must now move from consultation to implementation.

Frett, who also serves as a member of the BVI Airports Authority Board, said the airport plays a direct role in the territory’s growth. “The airport is of critical importance to the territory because it drives the economy,” he explained.

He said the project is not only about attracting tourists but about supporting the wider economy, including the financial services sector and everyday travel for residents. “We just don’t need the airport for tourism. We also need it for financial services and for us, regular residents, for ease of travel,” he stated.

The government has spent years reviewing expansion proposals for the Terrance B Lettsome International Airport. According to recent government briefings, Cabinet has already approved the business case prepared under UK Green Book standards. Officials said a 7,000-foot runway is the preferred option to improve airlift and meet future aviation needs. Sector reports have long noted that larger aircraft and direct flights from major hubs could not operate without a longer runway.

Frett said the expansion would have a direct impact on investment and business activity. “Once you build an airport in direct contact, you will see improved development, foreign direct investment or even locals investing in hotels or boutique hotels… so we can see our growth in the economy as a result of the airport,” he explained.

He added that the project must pass several stages, including design, a full business case, and approval from the United Kingdom. “Airport development of this magnitude is going to require a significant amount of money,” he said, noting that under the territory’s current borrowing ratios, the project would fall outside the permitted limits and would require separate treatment by the UK.

The government has said the business case will determine how the project will be financed. Frett outlined the options under review, including loans, public-private partnerships, or issuing bonds through the territory’s investment-grade sovereign rating. “We are looking at all different avenues on how we can finance that… maybe it might be a hybrid system,” he said.

Frett also signalled that the territory has reached the limit of further public consultation. “I don’t know how much more consultation can be had… It’s time to implement and move forward with this particular project,” he urged.

He said the expansion has been discussed for decades. “From the time I was a little boy, we said, let us expand… We know what needs to be done. Just let us do it,” he insisted.

The airport upgrade remains one of the largest infrastructure priorities before the BVI government, as it continues negotiations with UK officials on borrowing ratios and capital investment.