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Comment (2010-07-29 13:51:39.0China to finance $2.6b Bahamian resort: rptBaha Mar,resort project,tourism,financial service,11010460Economy2@webnews/enpproperty-->
China has agreed to let two State-owned agencies finance a stalled $2.6 billion Bahamian resort project that the developer said would provide the biggest job stimulus the Bahamas have ever seen.
Bahamian Prime Minister Hubert Ingraham said in a statement on Tuesday that Beijing had given approval for the agencies to enter into a joint venture with privately held Baha Mar Resorts Ltd for redevelopment of the Cable Beach resort in Nassau.
Chinese Ambassador Dingxian Hu is to meet with Ingraham on Aug 18 to formalize the agreement.
The China Export-Import Bank will provide $2.5 billion in financing, and the other agency, China State Construction, will take a small equity stake in the development and act as main contractor for the 1,000-acre project.
Baha Mar's chairman and chief executive, Sarkis...
