NASSAU, BAHAMAS — MSC Cruises has received government approval to expand and upgrade its Ocean Cay MSC Marine Reserve cruise destination, a project which is pegged at $100 million.

The Central Bank in its Monthly Economic and Financial Developments reports for June noted the project under "new foreign investment projects" designated for the island of Bimini. The MSC project will consist of new storm and drain management systems, entertainment areas, three new buildings for staff accommodations, along with a private yacht club, a solar farm and other amenities. 

"The project will cost $100 million to complete Phase II of the development," the Central Bank noted. 

The European cruise line recently revealed that its private island in The Bahamas will temporarily close from April 7 to May 22, 2024, to undergo upgrades. MSC Cruises, the world's largest privately held cruise line, opened the cruise destination in December 2019 and it has since become a popular port of call for its Caribbean sailings.

The closure will impact more than 35 cruises sailing to Ocean Cay on four ships: MSC Seashore, MSC Seascape, MSC Divina, and MSC Meraviglia. The cruise line noted that the closure is necessary to enhance the guest experience and support the island's future growth plans. 

It was also noted that the government has granted approval-in-principle for resort community development in Exuma valued at $65 million and spearheaded by The Enclave at Tropic of Cancer Ltd. The development will cover 105 acres and feature seven buildings, comprising 28 bedrooms and guest amenities, alongside ancillary cottages with 10 bedrooms, villas, an estate home, a restaurant and bar and other amenities. The project will employ 54 incremental employees as the project advances.

On New Providence, approval has been granted to the Executive View International Group of Companies Ltd to develop a $141 million multi-industry conglomerate, including luxury condominiums, a broadcasting facility and a Bahamian multi-island supermarket chain.

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