While the government has requested an additional $65 million from the Inter-American Development Bank (IDB) to complete the road works, it could take time before the financing is approved.
Members of the IDB technical team are expected to fly into the country next week to assess the status of the project and decide whether to award the additional funds.
An exact breakdown of the requirements and meetings with the supervising contractor will take place, according to Astrid Wynter, the IDB representative for The Bahamas.
After the assessment, she said approval could be given sometime in the first quarter.
"I can't speak for the board, but I think the project, as long as it meets criteria for approval and is justified, and has a positive development impact, should be approved," she added. "In this case, when you look at the project, how could it not be completed?"
Wynter told Guardian Business a study is now being prepared to assess the challenges faced by this country and
other nations in the Caribbean when it comes to roads and public infrastructure projects of this nature.
Pointing out that one of the major challenges of the controversial New Providence Road Improvement Project was the unmapped utilities found underground, the IDB representative said the study, due out this year, will provide recommendations and solutions to prevent future disasters.
On Tuesday, Guardian Business reported that Prime Minister Hubert Ingraham, during a speech in the House of Assembly, revealed the $119.9 million project has now ballooned to $206 million.
In addition to swelling well above budget, the road works are far behind schedule and have impacted many local businesses.
Ingraham pledged tax breaks or grants for entrepreneurs affected by the works.
In response to these latest developments, the IDB representative told Guardian Business most road works in older urban areas can lead to this kind of confusion, because "you don't know what you'll find when you dig up".
"We are looking at a study where urban road projects have occurred, which have common themes. Especially in older cities, you don't know what is underground, There is no mapping of utilities,"Wynter said.
The Bahamas will feature prominently in the study.
Among the recommendations that could emerge from the study, she noted, is subterranean mapping and greater contingency planning.
The comments came at the official launch of the 2012 IDEAS Energy Innovation Competition at the British Colonial Hilton yesterday.
Funded by the UK Department of International Development, the Global Village Energy Partnership, the IDB and the South Korean government, up to $2 million is now on offer as grants to individuals and companies in the competition.
Each project, focusing on energy efficiency or innovation, could be awarded as much as $200,000. Wynter noted that since the program was introduced in 2009, only two Caribbean countries have ever been approved. The Bahamas has never been awarded a grant.
"Given that energy is essential to almost every activity, and given that we don't set the prices for fossil fuels, it makes us extremely vulnerable in the Caribbean in particular to price escalation, and those escalations lead to the rise in the cost of food," she explained.
"If we can make energy available on a sustainable and renewable basis, that will alleviate poverty."
The IDB and the Ministry of the Environment are now in the middle of four technical agreements worth $2.9 million to strength the local energy sector, introduce new technologies and improve efficiency. Approximately 68 percent of the $2.9 million has been spent.
Coming up with an expansion plan for the Bahamas Electricity Corporation, and installing solar water heaters on government housing on the Family Islands, are just two components in the mult-million-dollar technical agreements. Though only in the pilot stage, Wynter said they have potential to become part of government policy over time.

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