Lyford Cay resident Peter Nygard said he is planning to build a mega health facility in The Bahamas and already has $100 million in investment for the undertaking.
Nygard had promised to bring experts in stem cell therapy and research to The Bahamas if Parliament passed legislation to govern the sector, according to Prime Minister Perry Christie.
Parliament passed the Stem Cell Therapy Bill in August.
"The prime minister did what I asked him to do," Nygard said at his residence on Nygard Cay.
"If he was going to write laws, if he was going to, I was going to go and put my activity into this investment.
"I have other countries that [want] to do this. The Dominican Republic, they declared a medical free zone for me.
"St. Kitts has written regulatory laws about it. Panama, I've been there many, many times. So this is not the first time I've been doing this. The prime minister is just sharp enough to go ahead and get on with it and recognize the potential of it.
"It should happen here."
Nygard said he envisages the facility to be at the standard of the Mayo Clinic in Minnesota.
Nygard said the Bahamas facility is still in the planning stages and added that a location for it has not been selected.
"This is really big stuff," he said. "This is the size of Baha Mar. This doesn't just happen overnight.
"It's going to be a facility that will be, in my mind, the trophy of The Bahamas. Meanwhile, we are going to get together with the local doctors and get on with some of this business right now while we're going to build the facility.
"It's good to understand that the facility would be like a whole mall, the whole place in which outside people can come in and rent space from us or work as a partnership.
"So it's a whole environment. That's a pretty big dream."
Nygard previously told The Nassau Guardian that he has no self-serving interests in the government passing the stem cell bill.
He said any advice Christie has sought from him on stem cell research is due to his knowledge of the science and well-placed contacts within the international medical community.
Nygard has said he uses stem cell therapy to slow the aging process.
He reiterated last week that he is not establishing the facility to serve himself.
"I am not in this to make a billion dollars," he said. "Actually, I already have that. I'm in this to be able to live it and spend that money in the most productive way possible.
"That's the beauty of my undertaking here.
"It has nothing to do with anything more self serving than to find myself having a facility that I can take care of myself and therefore take care of a lot of people."
Christie has said the University of Miami has submitted a proposal to operate a stem cell research center in The Bahamas.

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