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The government of the Bahamas says it has reached an agreement that will lead to the completion of a stalled mega-resort financed and built by Chinese state-owned enterprises.
Prime Minister Perry Christie announced late Monday that China Construction will finish the Baha Mar project with financing from the Export-Import Bank of China. The complex will then be sold to a “world class” hotel and casino operator, he said.
Construction would resume in September and the project will open before the end of the 2016-2017 tourist season, Christie said in a nationally televised address that followed Supreme Court approved of the agreement. He did not identify any potential operators.
“This agreement represents a signal achievement for the Bahamas, and a milestone in the troubled history of Baha Mar,” he said.
Baha Mar is a $3.5 billion project that was initially scheduled to open in December 2014 on 1,000 acres (405 hectares) along Cable Beach in Nassau. It would include four new hotels, a golf course and what would be the largest casino in the Caribbean. After a series of delays and the developer filed for bankruptcy in June 2015.
The stalled project had been expected to increase the overall economy of the tourism-dependent Bahamas by about 12 percent.
Christie said that the agreement to finish and sell Baha Mar will ensure that thousands of Bahamian creditors and contractors will receive a “significant part and possibly all” the money owed to them for their work on the project.
Source: skift.com