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LENDING & CREDIT | Cesar Tordesillas, China
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China Ex-Im Bank lends $41M for Bahamas projects

China's state-owned Export-Import Bank will will provide a $41 million loan for the bridge and port in the Bahamas.

 

This is the second major infrastructure project backed in recent months by China in Bahamas.

The plan has been unanimously approved by the House of Assembly.

The terms of the loan were not disclosed.

The port, which is expected to cost $33 million, will be located on the northern part of Abaco and include commercial berths and a private marina. The 35-acre North Abaco Port plan also includes space for warehouses, a port administration building and a public park.

China's Export-Import Bank is also providing the financing for Baha-Mar, a large $2.6 billion resort complex in the Cable Beach area of New Providence, the most populated island that includes the capital, Nassau.

Baha Mar, which will include four hotels, a golf course and what the developers say will be the largest casino in the Caribbean, is largely being built by China State Construction Engineering Co. Ltd, which will import thousands of Chinese workers for the project. The resort is scheduled to open in December 2014.

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