The Tribune

By Fay Simmons

jsimmons@tribunemedia.net

Tribune Business Reporter

The Government's investments chief yesterday disclosed that approval is being sought for a $65m resort Rose Island resort project to join $1.3bn worth of New Providence developments that have already received the go-ahead.

Phylicia Woods-Hanna, the Bahamas Investment Authority's (BIA) director, also assured a Caribbean gaming conference that The Bahamas is "moving forward" with its digital asset ambitions despite FTX's implosion and said the country is "fast" making our presence known globally as the crypto currency centre of the world".

Confirming that the Davis administration is also seeking investors to drive improvements in the Bahamian healthcare sector, she said: “The approval for many of these investments was based in large part on the benefits that such developments would bring to communities in which they are based.

"As an example, for the island of New Providence, the Bahamas Investment Authority has approved $1.3bn in investments and projects such as a $20m luxury residential development on the southern-western side of our island. We are also looking to a new $65m resort on Rose Island, and an $85m solar power generation plant.

"We also must, in the midst of all major investments, ensure that our government's infrastructure projects are resilient and sustainable. The country's health infrastructure is a prime example of a system that must be resilient and sustainable. When it comes to human lives, there's no second chance to get it right. We must ensure that we get it right the first time. We are therefore looking for investors that can facilitate transformative change in our health sector.”

Mrs Woods-Hanna said The Bahamas is also shrugging off the damage caused by the FTX's crypto currency exchange's collapse, and subsequent criminal charges levied against its founder, Sam Bankman-Fried, in the southern New York federal courts.

"In spite of the severe setbacks over the past months in the digital crypto currency sector, we are fast making our presence known globally as the crypto currency centre of the world," she charged. "We continue to move forward. We expect growth to continue exponentially in this area as we work to craft legislation to protect and support stakeholders in the sector.”

The BIA director added that the Government has approved more than $385m in investment for Long Island since June 2022, the bulk of which is represented by the Calypso Cove cruise port project. "The administration is pleased to have approved a $250m investment in Long Island for the establishment of a new cruise port terminal, destination marina and residential resort with opportunities for the gaming industry as well," Mrs Woods-Hanna said.

"This brings the total proposed investments for the island of Long Island since June 2022 to a total of $385m. For the island of Grand Bahama we have approved $1bn, and projects such as a $14m healthcare facility, a medical school, a hydroponic farm and scaling food production facility. This farming project will bring investments of approximately $430m from groundbreaking to full operation.”

Mrs Woods-Hanna pointed to the Government's focus on investments in the so-called 'blue' (ocean) and 'green' (environmental) economies, and its efforts to balance economic and social initiatives with conservation efforts.

She said: “We are seeking new ways of attracting investors. We are looking to invest in our people, our communities, industries and our collective futures. We are seeking partners for sustainable, environmentally responsible investments - not only on New Providence but across our archipelagic country. We are working towards balancing economy and social development while protecting the environment.”

“[The Government] is committed to investing in renewable energy and sustainable initiatives related to the green and blue economies. We are seeing movement on that front with farming, ocean and coastal initiatives that are competitive and innovative on a global level."

Mrs Woods-Hanna said further investment in digitising government services is a priority, with the results intended to improve transparency across government agencies.

"Another of our priorities is the continued digitisation of government processes, increased efficiency and effectiveness. We are changing the way we do business in The Bahamas...... investments in digital communications and operational systems, as well as digital file management and the use of automation, the speed of internal and outward facing processes," she added.

“Digitisation will also include expanded access to government services, and a greater transparency across government sectors. Digitisation is just one aspect of what will ultimately be complete re-imaging of our national investments and promotional strategy.”