St. Vincent and the Grenadines Holds Groundbreaking Ceremony Marking Construction...

St. Vincent and the Grenadines Holds Groundbreaking Ceremony Marking Construction of Its First International Airport

US$217 Million Project Is Most Ambitious in Country's History
NEW YORK--(Business Wire)--
In a move that promises to make St. Vincent and the Grenadines
more accessible to travelers the world over, Prime Minister Ralph E.
Gonsalves and the International Airport Development Company (IADC) -
the state-owned entity that will manage the airport - presided over a
hillside ceremony in mid-July to mark the start of construction on the
country's first-ever international airport. Actual construction is
slated to begin in August.

Set to replace St. Vincent and the Grenadines' current E.T. Joshua
Airport by late 2011, the Argyle International Airport - so named for
the coastal area on St. Vincent that it will occupy - will effectively
open up the 32-island nation to non-stop and direct flights from key
U.S. and Canadian gateways, Latin America and such international
capitals as London - driving new arrivals, generating jobs and
spurring investment in tourism, commercial and agricultural sectors.

Insofar as the existing airport can only accept short-range
turbo-prop aircraft from neighboring islands, St. Vincent and the
Grenadines has previously been unable to significantly expand its air
infrastructure - a vital ingredient in any Caribbean islands'
developmental plans.

"News of our first international airport with its world-class
design is already sparking new investments," said Minister of Tourism
Glen Beache. "While our off-the-beaten path offerings, castaway charm
and pristine nature are what make St. Vincent and the Grenadines so
alluring, we're confident that improving our accessibility will lift
our visibility in our key markets - even as we're determined to
safeguard those very assets that make us worth visiting. The only
difference - and it's a big one - will be the ease with which our
international guests can get here."

The US$217 million project is the country's largest, most
expansive venture in its history. With 375 acres of land to be
developed on the eastern coast of St. Vincent, the facility will
feature a 9,000-foot runway, able to accommodate Boeing 747-400, 737,
and 767, Airbus 300 and 320, as well as MD80 jet aircraft. In
addition, a modern, well-conceived 53,820 square-foot terminal will
give St. Vincent and the Grenadines the ability to cope with further
future expansion.

Work will begin on the site in August. Upon completion, the
airport expects to employ some 400 workers. At that time, E.T. Joshua
Airport, in operation since 1960, will be converted for use by
commercial properties and businesses. Final plans and construction on
that 63-acre site will proceed once most of the work on Argyle
International Airport has been completed.

About the Argyle International Airport

The Argyle International Airport will occupy US$40 million in land
purchased from local homeowners and farmers in Argyle, St. Vincent.
The funding required to purchase this land is being raised by the
local government's sale of other state-owned land.

Following extensive review and testing, the site was chosen by
engineers and technical experts as the most economically feasible,
given St. Vincent and the Grenadines' mountainous topography. Still,
earthworks will be required to flatten three hills, fill three
valleys, and span a small stream on the site.

To date, eight international partners have pledged support of the
project with funding and technical assistance. These include Austria;
the Caribbean Community (CARICOM); Cuba; Mexico; Taiwan; Trinidad and
Tobago; Turkey; and Venezuela.

Development and construction of the Argyle International Airport
is being overseen by the International Airport Development Company
(IADC), a state-owned company established by the government of St.
Vincent and the Grenadines to manage the Airport Project. The IADC
will also oversee the conversion of E.T. Joshua Airport into
commercial properties and businesses.

St. Vincent and the Grenadines is a string of 32 islands in the
southern Caribbean, located 1,500 miles southeast of Miami. For more
information on St. Vincent and the Grenadines, please visit
www.svgtourism.com or call (212) 687-4981 for the United States, or
(416) 633-3100 for Canada.

NOTE TO EDITORS: Photography of the ceremonial groundbreaking is
available on request.

Spring, O'Brien & Company
Ulku Erucar / David Kleinman
Ph: 212-620-7100
ulkue@spring-obrien.com / david@spring-obrien.com

Copyright Business Wire 2008