Premier and Minister of Finance, Dr. Natalio Wheatley has confirmed plans to tap into the Social Security Board (SSB) to fund a scaled down version of the plan to extend the runway at the Terrance B. Lettsome International Airport.
The confirmation comes weeks after Opposition Leader, Hon. Marlon Penn pushed the Virgin Islands Party (VIP)-led Government to come clean about plans to access SSB funding for a runway extension of approximately 787 feet, describing it as a separate initiative from the government's larger airport expansion plans.
During the Talking Points radio programme this evening June 29, the Premier was asked whether reports were true that the airport project would be financed through a $60 million loan from the SSB.
Dr. Wheatley stressed that while the Airport Authority intends to approach the SSB, any decision rests solely with the Board.
“I can't say what the Social Security Board is going to approve or not approve. Certainly, the Airport Authority, which is a statutory board operating independently, has the intention of going to the Social Security Board to see if they will be willing to consider the opportunity of financing it,” he said.
The Premier noted that the SSB had previously expressed interest in financing the government's $100 million loan, which was ultimately secured through the then CBIC First Caribbean Bank.
“We didn't want them to be excluded from this opportunity as well, because ultimately it's an investment that I would say would be good for the Social Security Board,” Dr. Wheatley said.
He argued that lending to the Airport Authority would provide a secure return for the pension fund while supporting economic growth.
“The Government of the Virgin Islands has never defaulted on a loan. I think it's a safe and secure investment... an investment that will ultimately create a better economic environment for the workers of the Virgin Islands. It will ultimately redound to the benefit of the Social Security fund,” he stated.
The smaller runway extension is expected to proceed while the government continues discussions with the UK over its proposed 7,000-foot runway expansion, a project estimated to cost more than $400 million. The larger development requires UK approval under the Protocols for Effective Financial Management because of the borrowing involved.
Earlier this month, Opposition Leader Penn called for greater transparency over the airport expansion plans. Speaking with BVI Platinum News, Penn urged the government to publicly explain how the project would be financed and clarify reports surrounding the possible use of Social Security funds.
The confirmation comes weeks after Opposition Leader, Hon. Marlon Penn pushed the Virgin Islands Party (VIP)-led Government to come clean about plans to access SSB funding for a runway extension of approximately 787 feet, describing it as a separate initiative from the government's larger airport expansion plans.
During the Talking Points radio programme this evening June 29, the Premier was asked whether reports were true that the airport project would be financed through a $60 million loan from the SSB.
Dr. Wheatley stressed that while the Airport Authority intends to approach the SSB, any decision rests solely with the Board.
“I can't say what the Social Security Board is going to approve or not approve. Certainly, the Airport Authority, which is a statutory board operating independently, has the intention of going to the Social Security Board to see if they will be willing to consider the opportunity of financing it,” he said.
The Premier noted that the SSB had previously expressed interest in financing the government's $100 million loan, which was ultimately secured through the then CBIC First Caribbean Bank.
“We didn't want them to be excluded from this opportunity as well, because ultimately it's an investment that I would say would be good for the Social Security Board,” Dr. Wheatley said.
He argued that lending to the Airport Authority would provide a secure return for the pension fund while supporting economic growth.
“The Government of the Virgin Islands has never defaulted on a loan. I think it's a safe and secure investment... an investment that will ultimately create a better economic environment for the workers of the Virgin Islands. It will ultimately redound to the benefit of the Social Security fund,” he stated.
The smaller runway extension is expected to proceed while the government continues discussions with the UK over its proposed 7,000-foot runway expansion, a project estimated to cost more than $400 million. The larger development requires UK approval under the Protocols for Effective Financial Management because of the borrowing involved.
Earlier this month, Opposition Leader Penn called for greater transparency over the airport expansion plans. Speaking with BVI Platinum News, Penn urged the government to publicly explain how the project would be financed and clarify reports surrounding the possible use of Social Security funds.
© 2026 BVI Platinum News. This article is original BVI Platinum content. Reproduction or republication without written permission is prohibited.
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