Industry News
Dominica plans to build new airport with funds from CIP

Dominica plans to build a new international airport using funds from the Dominican Citizenship by Investment program (CIP). Thus far, EC$149 million has been set aside to pay for the construction of the airport. This announcement was made in response to questions regarding the purpose of the US$5 million monthly amount set from income to the CIP.

 

Minister for Finance, Roosevelt Skerrit confirmed that “Our intention (is) to build an international airport and the only reason why we are not more advanced now is because of the hurricane. This is the first government that has seriously pursued the international airport and EC$149,429,500 are in the account at the national bank. There is a standing order US$5 million each month”.

 

It is expected that the construction of an international airport will significantly enhance economic growth by increasing inbound tourism from beyond the Caribbean region. While the current funds are “sufficient to do all the earth movement”, in total the airport is expected to cost US$220 million.

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