Development Bank of Jamaica (DBJ) Chairman Paul Scott last week encouraged bidders seeking to acquire the Norman Manley International Airport (NMIA) in Kingston by describing it as an “excellent investment” that will continue to record growth in passenger traffic.

“This is a great opportunity. If I knew before what I know today, I would be in the audience with you as a potential investor,” Scott, who also chairs the NMIA Enterprise Team which was established by the Government to manage the privatisation of the airport, told a Bidders Conference on September 26.

Eight prospective bidders are participating in the public-private partnership (PPP) transaction for the airport.

“This is a special time for Jamaica, when we are seeing so many positive changes,” a news release quoted Scott. “Jamaica is more efficient and this is driving investment in many areas — increased spending on infrastructure development like roads and highways, and better fiscal discipline and macro-economic stability.”

According to the news release, Scott told the potential bidders that “there is no doubt that traffic to NMIA will continue to grow. There is not one person in Jamaica who does not have a relative abroad who wants to visit and be visited. The DBJ, NMIA and the Government of Jamaica are taking this privatisation very seriously. It is a marquee privatisation for Government and we want everything being done to be transparent”.

Horace Chang, minister without portfolio in the Ministry of Economic Growth and Job Creation with responsibility for water, works and housing, told the bidders that “the PPP will help Jamaica meet the demands of the global economy. It is part of the strategic plan to move the country towards a growth path and transportation is key if Jamaica is to participate effectively internationally”.

Chang said that in positioning Jamaica as the number one Caribbean destination, NMIA will have to move several million passengers annually.

“We look forward to working with you to develop NMIA into the best airport in this hemisphere. When your investment is successful you make a profit, and we get many more visitors,” Chang said.

Airports Authority of Jamaica President Audley Deidrick pointed to a 2.8 per cent growth rate in tourism in Jamaica in 2016, the almost 80 per cent visiting friends and relatives traffic to Kingston and the availability of expansive cargo space as compelling factors which make the airport an excellent investment.

He noted, too, that under the NMIA Capital Development Programme a number of projects have been implemented aimed at reducing airport operational risks, gaining efficiency in operations, reducing energy consumption, and expanding capacity.

Deidrick assured the potential investors that while NMIA is up for privatisation “the programme of development now underway will continue right up to the point of transfer”.

The conference, which was held at NMIA Learning and Development Centre, was designed to give the prospective bidders comprehensive information on the PPP and an opportunity to ask questions and seek clarification as they do their due diligence prior to presenting their bids.

Other presenters at the Bidders Conference were Walter Bernyck, counsellor and head of development corporation, Canadian High Commission and representative, Global Affairs Canada; Michael Hepburn, director, economic regulations, Jamaica, Civil Aviation Authority; and Michelle Ottey, transaction lead, International Finance Company (IFC).

Denise Arana, general manager, PPP and privatisation, DBJ, moderated the conference. The prospective bidders also participated in a tour of the airport led by Airports Authority of Jamaica, a business luncheon hosted by JAMPRO, and one-on-one meetings with representatives of the NMIA Enterprise Team and the Government.

Cabinet, on July 2016, granted approval for the privatisation of NMIA as a strategic priority for the Government, the establishment of the NMIA Enterprise Team, and engagement of DBJ as co-advisors.

The IFC, a member of the World Bank Group, acts as lead advisors to the Jamaican Government.