The Tribune

OVER $1 billion of new investments generated by the Grand Bahama Port Authority is expected to be invested in the Freeport area over the next two years, a GBPA official said.

Among those mentioned by the entity’s president, Ian Rolle, were the Carnival Cruise Port – a $300m investment originated and stewarded by GBPA, and the $420m Agrihaven development.

Mr Rolle came under fire a month ago by a group of concerned businesspeople and residents over growing concerns about investor confidence and the state of Freeport. The group, led by outspoken businessman Darren Cooper, along with former Pineridge MP Rev Frederick McAlpine, marched to the GBPA headquarters in early March and delivered a letter to Mr Rolle. In it, they outlined 10 issues that were of concern and gave GBPA executives a 30-day deadline to respond to their concerns.

GBPA issued an official response in a letter dated April 4 to Mr Cooper. It was signed by Mr Rolle.

In response to concerns regarding lack of investor confidence and status of deals currently on the table for Grand Bahama, Mr Rolle said investor confidence has significantly improved two years after Dorian.

“Despite the arresting force majeures, including COVID-19, we now have over $1 billion of new investment, generated by GBPA, which is set to be invested into the port area over the next 12-24 months,” he said.

He noted that much of this investment is being made directly or indirectly by GBPA’s affiliate companies, and all of it has been originated by GBPA.

Mr Rolle said: “In the aftermath of Hurricane Dorian, investor confidence was not where anyone wanted it to be, but that was expected given the circumstances. To rebuild investor confidence, we spent a great deal of time communicating with investors who were at an advanced stage in the project lifecycle but were now having second thoughts about moving forward.

“Where we are today is far different from where we were in 2019. We can say, emphatically, that investor interest in Freeport has vastly improved.”

Mr Rolle said that GBPA played an instrumental role in securing many of the projects coming to the port area.

He added that the Carnival Port project development will also include upgrades to the city’s infrastructure.

Other developments he mentioned were the Weller development phase one – a real estate development with six-star hospitality, marina, and residential offerings.

“This will change the narrative around Grand Bahama and propel the island to new heights. Initial investment of $200m, the investor has completed the purchase of the site,” he added.

He also referred to industrial developments, including the opening of the new Pharmachem site, the Royal Caribbean/ ITM group redevelopment of the Freeport Harbour cruise port, Grand Bahama Shipyard’s $400m investment – post acquisition of two new dry docks, among others.

Mr Rolle also noted that The Bahamas Distillery Company, a new rum distillery, will be opening its doors next month and its investment is at $1.5m. The Port Lucaya Resort and Marina redevelopment is pegged at $30m; a new 11-megawatt solar power plant is estimated at $15m, etc.

Mr Rolle stated that Coral Vita, the Earthshot prize winner and global phenomenon that repairs dying reefs, originated and financially supported by GBPA, is a $10m existing and near-term investment.

Mr Rolle also mentioned the $420m investment to develop a new model for food security for The Bahamas, which is carbon negative and will provide food types for the domestic and export markets.

“GBPA is a strategic founding partner in this investment having written the concept note, brought in the developer, included economic development rates for land purchases, and introduced the funding entities and services provided to the transaction,” he explained.