The Chinese government has granted its approval to plans to finance the completion of the multi-billion dollar destination resort Baha Mar on Nassau's Cable Beach, Bahamas.
The Export-Import Bank of China and State Construction Engineering Corporation’s involvement in the project, which will include the largest casino in the Caribbean, has been given the green light by the country’s National Development and Reform Commission, paving the way for the Bahamian government’s own approval process. Once this is completed, $60m in contracts will be awarded to Bahamian companies to prepare the site for construction.
“The NDRC approval by the PRC government is a critical component to enable the Baha Mar project to move forward,” said Sarkis Izmirlian, chairman and chief executive officer of Baha Mar Resorts. “We strongly believe that the creation of this world class resort will significantly benefit the Bahamas and all Bahamians. We now await Bahamian government approval, which will enable us to begin work on the resort’s construction.”
The Baha Mar project is expected to create 11,000 jobs and add $1bn in new spending to the country’s economy in the first year following its completion.
