Returning from a successful trip to China, Prime Minister Hubert Ingraham announced that he was able to negotiate a more favourable agreement with the Chinese regarding the Baha Mar development. The agreement will provide an additional $200 million for Bahamian contractors which will create thousands of additional jobs for Bahamians.
Mr Ingraham’s fruitful talks with the Chinese Export Import Bank and China State Construction Company allowed the two parties to reach a consensus on several matters of interest.
The value of construction works to be subcontracted to Bahamians has been doubled from $200 million to $400 million, creating thousands more jobs for Bahamian contractors and subcontractors who will work on elements of the Core Project in the largest award of contracts to Bahamian contractors on any single project in the nation’s history, Mr Ingraham said.
