The Government on Monday signed a Heads of Agreement with the United States-based Holmes Company Limited to construct a $240 million resort on Crab Cay, Exuma, located about a mile from George Town.
The two-phase development, to be completed over a period of three years, will be joined to the Exuma mainland by a bridge.
In the space of three weeks, the Bahamas Government has signed agreements totalling over $1 billion worth of investments, including the Crab Cay project.
On May 26, Kerzner International signed an agreement with the Government for a $600 million expansion for Atlantis' Phase III. The project is expected to provide some 3,500 jobs for Bahamians.
The following day, agreements were signed for a $70 million development project in Gold Rock Creek, Grand Bahama, and a $140 million investment in Abaco.
The investments follow close discussions between the Government and the International Monetary Fund, which is advising on "avenues" to expand the economy.
The Holmes Company Limited is proposing to spend the $240 million dollars to re-develop the privately owned Crab Cay, and also lease Little Crab Cay.
After nearly two hours of crossing "all the T's and dotting all the I's" in the agreement, Prime Minister Perry Christie held a joint conference with foreign investors Messrs Peter and Wendell Murphy late Monday evening.
The completed resort will feature 54 upscale market waterfront residences, a 20-room villa, a marina equipped to hold 30-foot vessels, a restaurant, bar, swimming pool, tennis courts, marina clubhouse and shops.
Working closely with the Bahamas Environmental and Scientific Technology (BEST) Commission, and relevant Government agencies, the "eco-sensitive" resort will include a Reverse Osmosis Desalination plant, solid waste disposal and sewage pump-out system.
Though unable to state the cost of the bridge or how long it would take to build, the Murphys assured that Bahamians would assist in its construction.
Mr. Christie urged Bahamians to prepare themselves for the 600 job opportunities that the Crab Cay development project would produce.
"This is an integral part of the overall development commitment we have made to ensure that there are not only sufficient jobs for Bahamians, but in today's times there is an absolute importance for The Bahamas to benefit from capital so that we may be in a position to meet the commitments of salaries, for example, to public officers," said Mr. Christie.
Investments such as the Crab Cay project, represent the Government's efforts to expedite national development plans and effectively meet capital requirements, Mr. Christie said.
Exumians, who have migrated to other islands, are also expected to be attracted back to Exuma as a result of the development and job opportunities, whether as musicians or artists building on promoting and develop Bahamian culture.
Making it easier for returning islanders, Mr. Christie announced, a group will be formed to construct homes and a mini-hospital in George Town, Exuma, which will also play a role in developing the island.
"You are being provided with an opportunity second to none, in that new businesses that are linked to these major investments in Exuma must come about," he said.
The Government is committed to establishing a method whereby Bahamians would have the opportunity to benefit directly as owners and from the major investments taking place, Mr. Christie said. He predicted that Exuma will become the regional destination of choice.
Mr. Christie said his goal is to promote The Bahamas and its people, and not pursuing any particular political agenda.
"The Bahamas is an outstanding country, (regardless of) whoever is the government and we must continue to speak that language and avoid the risk of saying, 'This is what I did or this is what they did'," he said. "It would be wrong to divide the country."
Pete Murphy assured that he and his brother intend to extend their contribution beyond the immediate investment.
Also present for the official signing was Minister of Financial Services and Investments Allyson Maynard-Gibson, Attorney General Alfred Sears and Minister of Public Works and Utilities Bradley Roberts.
By Khashan Poitier, The Nassau Guardian
