Family Islands get $10m boost

Thu, May 20th 2010, 12:00 AM

The Bahamas yesterday signed a $10.109 million loan facility with the Caribbean Development Bank for several social and economic infrastructure upgrades in the Family Islands, plus a $37,000 technical grant for road and port feasibility studies - the first such loan from the CDB in a number of years.

Minister of State for Finance, Zhivargo Laing, said the financing acquired by the Government will go towards the rehabilitation of a number of docks and bridges, serving as a catalyst for the beginnings of improvements to the Bahamas' inter and intra-island transportation system.

According to Mr Laing, work on these projects could begin as early as summer 2010, boosting employment in Andros, Eleuthera and Exuma.

"This financing is for a project which will improve and sustain access to social and economic infrastructure necessary for employment and income genertion in the Family Islands of the Bahamas," a CDB release said.

"Under the project, Fresh Creek Dock in central Andros will be rehabilitated, as well as Three Island Dock on Eleuthera. Deep Creek and Little Creek Bridges in South Andros will also be rehabilitated."

Mr Laing said the Government and Prime Minister Hubert Ingraham were dedicated to the completion of these infrastructure upgrades as this country seeks to finally leverage the Family Islands as unique destinations, reflected by rejuvenated facades and structures. "Adequate air, sea and road infrastructure is critical to accessing social and economic services," the CDB said.

"By assuring connectivity between and within the islands, the project facilitiates the further development of the fishing, agriculture and tourism sectors on the two islands."

While the Bahamas has not borrowed any significant amounts of money from the CDB in several years, it has to date received up to $70 million from the regional lender in the past years.

Mr Laing said this country found more favourable borrowing conditions in institutions such as the Inter-American Development Bank, but said as the country's needs change it is finding the CDB a good fit.

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