A bold proposal to repurpose nearly US$60 million in unclaimed bank deposits for establishing a new regional airline has been put forward by Gaston Browne, Prime Minister of Antigua and Barbuda. The initiative aims to transform decades-old dormant accounts into seed capital for a collectively owned air transport solution serving the Organisation of Eastern Caribbean States (OECS).
During an exclusive interview with ABS, Prime Minister Browne revealed that these substantial funds are currently held by the Eastern Caribbean Central Bank after remaining inactive for extended periods. Rather than allowing this capital to remain idle, Browne advocates for strategic reallocation toward addressing critical transportation infrastructure gaps across the region.
“We currently possess approximately US$60 million in unclaimed deposits,” Browne stated, clarifying that these resources originated from dormant accounts eventually transferred to the central banking authority. His proposition involves OECS member states collaboratively channeling these resources into a transformative regional project, specifically identifying air transportation as an urgent priority.
Browne elaborated on his discussions with financial authorities and fellow council members: “I proposed to the governor and my colleagues that instead of maintaining these funds in dormant status within the central bank, we should unite to execute a joint venture.” The innovative financing approach could see the US$60 million serving as leverage to secure additional funding, potentially from international partners including the European Union.
With combined financing potentially reaching US$120 million, Browne envisions acquiring five or six new aircraft to either expand existing carrier LIAT’s operational capacity or establish an entirely new OECS-branded airline under a shared ownership model. The Prime Minister emphasized that reliable regional transportation constitutes a fundamental prerequisite for economic integration, tourism development, trade facilitation, and cultural exchange throughout the Eastern Caribbean.
Browne plans to prioritize this initiative when he assumes the OECS chairmanship in upcoming months, marking a significant step toward realizing enhanced connectivity and economic cooperation across member states.