Sangster operator borrows US$60m for airport project
Published:Friday | September 11, 2020 | 12:06 AM
MBJ Airports Limited, MBJ, has acquired loan financing from Bank of Nova Scotia Jamaica Limited, which trades as Scotiabank, for capital development projects at Sangster International Airport.
The US$60-million agreement was signed on September 3, and MBJ has already drawn down US$30 million of the proceeds.
The full loan is to be disbursed over 24 months, said Pacific Airport Group, the largest shareholder in MBJ Airports, in a release.Sangster International, Jamaica’s largest airport operated by MBJ, is expanding its commercial area, and plans to install a solar energy system to cut back on its electricity bill.
The loan from Scotiabank, which translates to around $9 billion in local currency, has a five-year term.