$350m investment coming for GB shipyard, PM says

Carnival and Royal Caribbean have agreed to invest $350 million in the Grand Bahama Shipyard, Prime Minister Dr. Hubert Minnis announced yesterday.

“To understand the scale of this investment, the House may recall that the original investment and other investments to date in the shipyard have totaled approximately $250 million,” said Minnis as he wrapped up debate on the 2021/2022 budget in Parliament.

“The new investment will match this and exceed it by $100 million.”

Minnis said the project will include the replacement of two damaged docks with larger ones.

“The new docks will be capable of handling and servicing the largest ships in the world,” he said.

“Grand Bahama will become the largest cruise ship repair facility in the world.”

Minnis added, “This will result in a notable increase in employment and economic activity on Grand Bahama and for local businesses throughout Freeport and Grand Bahama.

“The government and the owners of the shipyard will work on a new partnership agreement that benefits the people of Grand Bahama.”

Minnis said work will begin as early as October of this year, and noted that more details will be made available in the weeks and months ahead.

“This is a sign of progress, a sign of hope, and a sign of confidence,” Minnis said.

“Grand Bahama, like the entire Bahamas, is on the way back.

“This is one of the biggest investments in Grand Bahama in its history.”

Grand Bahama’s economy has been struggling for years now, having suffered notable losses at the hands of a number of hurricanes in the past two decades.

Hurricane Dorian, which devastated the eastern end of the island in 2019, was the latest blow to the island.

The Minnis administration has frequently highlighted the economic revitalization of Grand Bahama as a priority, having purchased Grand Bahama International Airport several weeks ago with plans to redevelop it.

In a controversial move, the government also purchased the Grand Lucayan in 2018 for $65 million and is currently in the process of selling the property to Royal Caribbean and ITM Group.

While many have criticized the decision, calling it a waste of money, the Minnis administration has repeatedly defended the move as being in the best interest of Grand Bahamians and their economy.

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source https://thenassauguardian.com/350m-investment-coming-for-gb-shipyard-pm-says/