Proposed Dominica International Airport Funded by CIP

Proposed Dominica International Airport Funded by CIP
August 7, 2017 - News Dominica

The Dominica Government is in talks with the Eastern Caribbean Civil Aviation Authority (ECCAA) on the development of an international airport on the island, capitalized by the Citizenship by Investment Program (CIP).

A brief government statement released last week noted the meeting took place on the sidelines of the parliamentary debate on the 2017/2018 national budget and was attended by Prime Minister Roosevelt Skerrit and President Charles Savarin.

“Very soon the government shall invite a wide cross section of the population to provide an update. For the project to be successful we will need the fullest cooperation of all,” Prime Minister Roosevelt Skerrit is quoted as saying in the statement.

During his budget presentation, Skerrit revealed that his administration had advanced plans for the development of the international airport and established an airport development fund as of May 2017.

He said the fund “has been capitalized with US$10 million from the Citizenship by Investment Programme (CIP),” which allows investors to make financial contributions to the socio-economic development of the island in return for citizenship.

Skerrit added that the Government had also taken the decision to pay an amount of US$ 5 million into the fund on a monthly basis.

The Dominica Citizenship by Investment Program is one of the world's longest-running and most respected programs. One of the most popular routes to citizenship involves making a donation to the Government Fund which is used to finance various infrastructure development programs and proved a crucial lifeline in the island's redevelopment following the after-effects of Tropical Storm Erika.

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