Major MBJ Airport Upgrade to be Financed By Scotiabank

Montego Bay, Jamaica – September 14, 2020 - Scotiabank has again provided loan financing to facilitate significant infrastructure improvements being made at Sangster International Airport in Montego Bay.

In early September, the Bank inked a financing arrangement valued at US$60M that will fund the expansion of the Departures Retail Area to increase circulation space and improve the retail experience for passengers. Additionally, the airport is also investing in a 1 megawatt solar PV installation solar project to power the airport facility – a move that is expected to significantly reduce operating costs and the airport carbon footprint.

Other projects will include a major upgrade of the airport’s HVAC system to include the installation of new chillers and replacement of the airport’s passenger processing system.

“These investments will not only improve the passenger experience, but will also result in environmental and economic benefit with our renewable energy initiative. MBJ also intends to reshape the passenger journey with the introduction of next-generation technology to reduce the number of touchpoints and make the passenger experience seamless,” shared Shane Munroe, CEO of MBJ Airports.

The expanded departures area will offer more seating, improved natural lighting, entertainment and exciting retail offerings that will create a memorable experience for passengers to enjoy their last moments in Jamaica.

Perrin Gayle, Senior Vice President, Corporate and Commercial Banking said “Scotiabank is committed to contributing to growth and supporting the local economy. The tourism industry will undoubtedly be positively impacted by this long term investment which will by extension benefit Jamaica for years to come.” Gayle also noted that this is the second such arrangement undertaken over the past two years.

"MBJ continues to demonstrate a commitment to the development and operation of the Sangster International Airport (SIA) to the highest standards as is borne out by its multiple awards as Leading Caribbean Airport. The AAJ will continue its supportive role as grantor of the airport concession to MBJ, as together we play our roles to ensure that Jamaica recovers from the impacts of the COVID-19 pandemic,” said Audley Diedrick, Chairman of the Airport Authority of Jamaica.

In 2018, Scotiabank provided a financing arrangement valued at US$40M for the rehabilitation of the taxiways and apron.

The investments being undertaken by MBJ demonstrate its confidence that Jamaica will continue to be the destination of choice for passengers and will ensure that the facilities are on par with international standards.

Sangster International Airport (SIA) is the Caribbean’s Leading Airport and remains a significant economic driver. SIA employs in excess of 7000 individuals with over 80% of the businesses locally owned and has contributed over USD230 million directly to the economy of Jamaica.

Scotiabank is a leading bank in the Americas. Guided by our purpose: “for every future,” we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of approximately 97,000 employees and assets of over $1.2 trillion (as at April 30, 2020), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.

Yanique Forbes-Patrick | Vice President, Public Affairs and Communications
Yanique.forbes-patrick@scotiabank.com

Danielle Savory | Manager, Public Affairs and Communications
Danielle.savory@scotiabank.com