ECCB Viability Study on Proposed OECS Airline Expected Within Weeks, PM Browne Says

A long-discussed plan to establish an OECS-owned regional airline could move a step closer to reality within weeks as the Eastern Caribbean Central Bank completes a viability study that will determine whether the carrier should proceed, Prime Minister Gaston Browne said Saturday.

Browne said leaders of the Organisation of Eastern Caribbean States reaffirmed their commitment to creating the airline during the 78th Meeting of the OECS Authority, with the project now awaiting the findings of the ECCB study.

“We would have all confirmed our commitment to an OECS Air, subject to the study that has been done by the Eastern Caribbean Central Bank,” Browne said during his weekly Pointe FM programme. “We expect, within a matter of weeks, that the Eastern Caribbean Central Bank would have completed their studies and that it will confirm the viability of this entity.”

The prime minister said participating governments have already identified approximately US$50 million in initial financing from unclaimed deposits held by the ECCB.

“We’ve already identified about US$50 million in proceeds. Those are the unclaimed deposits within the Eastern Caribbean Central Bank. They have been unclaimed for over 25 to 30 years,” Browne said.

He also disclosed that French representatives attending the OECS meeting advised that additional financing may be available through the European Union.

According to Browne, the project could qualify for support under the European Union’s Interreg and Gateway funding programmes.

“Our French colleagues indicated that we may be able to raise some funding from the European Union. They have two possible windows: the Interreg funding as well as the Gateway funding,” he said.

If that funding is secured, Browne said the regional airline could launch with more than US$100 million in available capital.

“If that is the case, it means that potentially we could raise over US$100 million,” he said.

Even if European Union financing does not materialize, Browne said the OECS would still have sufficient resources to begin developing the carrier.

“If those two windows are not available, then at least we’ll have the US$50 million to work with within our own resources,” he said.

The proposed airline is intended to improve air connectivity among OECS member states, an issue regional leaders have repeatedly identified as critical to economic integration, tourism and trade. Browne said the viability study will determine the next steps for establishing the carrier.

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