Grand Bahama press conference media query response

THE PRIME MINISTER: I had a very good chat with Sir Jack Hayward and I am of the view that Sir Jack is going to be cooperative with the Government. The Government will be cooperative with him and the Port Authority. They have some plans that they will announce in due course themselves that we will be supportive of.

As Minister Zhivargo Laing had indicated before, we are willing to do specific investment promotions for Grand Bahama, and we made a half million dollars available from the government and asked the business community and the Port in Grand Bahama to match us and we would take Freeport on the road. Freeport has great facilities for attracting investments.

Question: Status of Royal Oasis Resort/Harcourt Development Group?

THE PRIME MINISTER: Harcourt is in the same position that GINN was in West Grand Bahama and that is the recession has affected them and their ability to raise money from banks and their ability to fund any development. There is no answer to be given as to when they will get money or when they will find a buyer - that is one of the consequences of this great recession that took place. Some people in my country seem to think that such a thing does not exist; but it exists all over the world and Harcourt was a very big and successful company in Ireland who is now unable to fund that kind of development.

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