$60m 'only a portion' of overall benefit for Bahamians
By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net:
BAHA MAR executives say the $60 million allocated to Bahamian contractors is only a portion of the overall direct benefit earmarked for locals.
Robert Sands, Baha Mar's senior vice-president for governmental and external affairs, said it is "erroneous" to portray the initial $60 million being allocated as the total direct benefit to Bahamians.
He said the company's pledge to award all contracts for the $200 million first phase construction of the $2.6 billion Cable Beach redevelopment is still current. And the figure released to the public represents those initial works the company has quantified.
"Our position has not in fact changed. We have always said in the first phase the value of the works was around $200 million. The first part of that $200 million is $60 million; that is what we have announced and put a value on immediately," said Mr Sands.
The work scheduled for phase one includes the road re-routing, the building of the Commercial Village and the Pompey Village Straw Market.
There "absolutely" will be additional money to be earned by Bahamians in the remaining phases of the project, whether through direct contracts with local companies, the employment for tradesmen or the purchase of local goods and materials, he said.
October 08, 2010
tribune242
A political blog about Bahamian politics in The Bahamas, Bahamian Politicans - and the entire Bahamas political lot. Bahamian Blogger Dennis Dames keeps you updated on the political news and views throughout the islands of The Bahamas without fear or favor. Bahamian Politicians and the Bahamian Political Arena: Updates one Post at a time on Bahamas Politics and Bahamas Politicans; and their local, regional and international policies and perspectives.
Showing posts with label Baha Mar executives. Show all posts
Showing posts with label Baha Mar executives. Show all posts
Saturday, October 9, 2010
Monday, September 20, 2010
Baha Mar Resolution Iced
BAHA MAR RESOLUTION FACING DELAY
By CANDIA DAMES
Guardian News Editor
candia@nasguard.com:
The government has shelved plans to debate a resolution on the controversial $2.6 billion Baha Mar project on Wednesday, The Nassau Guardian understands.
Instead, it will bring a resolution to approve the borrowing of $68 million to construct a four-lane highway between Lynden Pindling International Airport and the new six-legged roundabout on John. F. Kennedy Drive.
Leader of Government Business in the House Tommy Turnquest said yesterday that there was a change in plans given that the government had not yet received any confirmation that Baha Mar executives have settled a critical loan issue with the Bank of Nova Scotia(Scotiabank).
Baha Mar Chairman and CEO Sarkis Izmirlian was in Toronto last week meeting with top bank officials on the matter. Prime Minister Hubert Ingraham previously said the expectation was for this matter to be resolved by this week.
However, last night it appeared that a resolution had not yet been reached.
The Scotiabank loan issue is considered a final hurdle before the government decides on whether to give final approval for the project. Baha Mar is requesting 8,150 work permits for the mega development. The foreign labor component has shaped up to be the most controversial aspect of the deal.
The government had planned to debate the Baha Mar resolution on Wednesday and Thursday, but plans to do so after the banking issue is cleared up.
Instead, the focus will be on the airport highway resolution.
Last year, the government signed an agreement with China to finance that road project.
The 20-year concessionary loan will be made through the Chinese Export-Import Bank.
The agreement was signed during an official visit of Wu Bangguo, the chairman of the standing committee of China's National People's Congress, to The Bahamas.
During the visit, China and The Bahamas signed several other agreements, including a US $7.32m grant to help fund the construction of the national stadium.
9/17/2010
thenassauguardian
By CANDIA DAMES
Guardian News Editor
candia@nasguard.com:
The government has shelved plans to debate a resolution on the controversial $2.6 billion Baha Mar project on Wednesday, The Nassau Guardian understands.
Instead, it will bring a resolution to approve the borrowing of $68 million to construct a four-lane highway between Lynden Pindling International Airport and the new six-legged roundabout on John. F. Kennedy Drive.
Leader of Government Business in the House Tommy Turnquest said yesterday that there was a change in plans given that the government had not yet received any confirmation that Baha Mar executives have settled a critical loan issue with the Bank of Nova Scotia(Scotiabank).
Baha Mar Chairman and CEO Sarkis Izmirlian was in Toronto last week meeting with top bank officials on the matter. Prime Minister Hubert Ingraham previously said the expectation was for this matter to be resolved by this week.
However, last night it appeared that a resolution had not yet been reached.
The Scotiabank loan issue is considered a final hurdle before the government decides on whether to give final approval for the project. Baha Mar is requesting 8,150 work permits for the mega development. The foreign labor component has shaped up to be the most controversial aspect of the deal.
The government had planned to debate the Baha Mar resolution on Wednesday and Thursday, but plans to do so after the banking issue is cleared up.
Instead, the focus will be on the airport highway resolution.
Last year, the government signed an agreement with China to finance that road project.
The 20-year concessionary loan will be made through the Chinese Export-Import Bank.
The agreement was signed during an official visit of Wu Bangguo, the chairman of the standing committee of China's National People's Congress, to The Bahamas.
During the visit, China and The Bahamas signed several other agreements, including a US $7.32m grant to help fund the construction of the national stadium.
9/17/2010
thenassauguardian
Subscribe to:
Posts (Atom)