The Government of the People’s Republic of China yesterday formally approved the $2.6 billion investment in the Baha Mar project on Cable Beach, bringing an end to speculation on the viability of the resort development.
In a statement from the Cabinet office yesterday, Prime Minister Hubert Ingraham confirmed that His Excellency Dingxian Hu, the Ambassador of the People’s Republic of China, had advised that his government has given formal approval for “various agencies of the Chinese government to enter into a joint venture with Baha Mar Ltd for the redevelopment of Cable Beach.”
Ambassador Hu is expected to return to the Bahamas on August 18 when he will meet Prime Minister Ingraham to hand over the formal approval from the Chinese government.
Baha Mar chairman Sarkis Izmirlian said yesterday that the project is expected to create 11,000 Bahamian jobs and add $1 billion in new spending to the economy in the first year after completion.
This, of course, all depends on final approval from the Bahamas government.
