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USD250m Expansion Planned For Bahamian Port

by Amanda Banks, Tax-News.com, London

28 March 2014


Bahamas Prime Minister Perry Gladstone Christie has announced that he is engaged in discussions with the operators of the Freeport Container Port towards a possible USD250m expansion of the facility.

Christie said the expansion would support both the tourism industry and the broader economy. "I am pleased to confirm that positive conversations have taken place between me and my representatives, the principals of Hutchison, MSC Shipping and the Grand Bahama Port Authority on a USD250m expansion of the Freeport Container Port."

"Representatives of Government and the other parties are steadily working on the terms of a Memorandum of Understanding, having engaged in fruitful discussions over the past weekend."

"The Memorandum of Understanding will be placed before my Cabinet for final approval in short order, with a view to construction getting underway this summer," Christie said.

He pointed out that this major expansion is expected to result in some one million additional containers passing through Freeport annually. He drew attention to the fact that many other Caribbean territories are looking to increase or establish container ports in view of the expansion of the Panama Canal, which is soon to be completed.

TAGS: marine

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