LIAT (1974) Limited was first established in Montserrat in 1956 but folded last month following increased debt and the economic impact of the COVID-19 pandemic. Photo: Loop News

Browne, who is attending the 46th regular meeting of CARICOM leaders here, told the Caribbean Media Corporation (CMC) that “significant progress” has been made towards the launch of the airline that is being formed in partnership with Air Peace, a private Nigerian airline founded in 2013.

The new airline will replace LIAT (1974) Limited that was first established in Montserrat in 1956 but folded last month following increased debt and the economic impact of the COVID-19 pandemic. It was owned by the governments of Antigua and Barbuda, Barbados, Dominica and St Vincent and the Grenadines.

Browne told CMC that the other shareholding governments had agreed to allow Antigua and Barbuda to purchase the three aircraft “and we will be investing in the region of about US$25 million in the new initiative.

“Air Peace, on the other hand will be putting in close to US$65 million, so between US$80 and US$90 million will be invested in the project. We expect to have LIAT 2020 operational within the next 60 days assuming that we would have obtained the operating certificate within a matter of weeks.”

Browne said Air Peace is also making arrangements to send three Embraer 145 charter jets that should be arriving in Antigua and Barbuda within the next two weeks.