The government and Global Ports Holding (GPH) will sign an agreement today for the development of Nassau’s cruise port, six months after GPH won the bid for the job over two other entities.
The redeveloped port is expected to cost $250 million and will create many construction jobs for Bahamians when the work begins in earnest.
The lion’s share of that $250 million is expected to be spent developing facilities that will create a destination with activities and restaurants for cruise guests, hotel guests and Bahamians to visit.
Global Ports Holding was selected as the successful bidder for the multimillion-dollar redevelopment and will also manage the Port of Nassau.
Bahamians are expected to be involved in the ownership of the port through a share offering. Bahamians will hold 51 percent of the shares. Two percent will belong to the YES Foundation and the other 49 percent will be available to Bahamians wanting to invest in the project.
Investment in the port will be the largest investment ever made available to Bahamians to date, and investment management and advisory firm CFAL announced that it will provide loans of up to $1,000 to Bahamians who want to invest in the project, but do not have the available cash.
After GPH was selected as the winner of the bid, CFAL President Anthony Ferguson said the company is looking at a 70/30 debt-to-equity ratio, though that ratio has yet to be set in stone.
The debt will be used to get construction going in a meaningful way so equity investors can see what they’re buying into, Ferguson said.