The Saudi Fund for Development (SFD) has signed a $70 million agreement for a mega airport project in the Bahamas.

The deal, signed on Wednesday with the Tourism, Investments and Aviation of the Commonwealth of the Bahamas, is to fund the Family Islands Airports Renaissance project, SFD said in a social media post, without disclosing further details.

The $260 million project seeks to transform 14 family island airports.

Last March, the government of Bahamas launched a Public Private Partnership (PPP) scheme to engage qualified concessionaires in the private sector to build, finance, operate and/or maintain the 14 airports.

Under the PPP scheme, the ownership of the airports will be retained by the government, but private partners will be granted a concession and lease for the airports up to 30 years.

(Writing by Cleofe Maceda; editing by Seban Scaria)