Dear Prime Minister,
Please accept and respond positively to the economic plan that is outlined below. We are in this together. This plan is for The Bahamian people, and you, sir, have the amazing opportunity to make history.
Despite the many challenges you face and the criticisms, you are still the prime minister, and only you can approve this plan at the moment. I present it to you with sincerity, hope, and offer my full cooperation in its planning and execution. Please, we are running out of time.
We need to build a new city in Andros.
Properly plan a city covering 10 miles x 30 miles. Create a municipality for the city, so the City of Andros will raise the bonds. The city can go to market to raise $10 billion in low interest bonds, 50-year bonds; first 10 years no principal as we need to build the city and start to generate government revenue.
Norwegian Sovereign Wealth fund has over $1 trillion, the Qatari Wealth Fund has over $350 billion, and then there are international/global financial markets.
In 45 days we can have a draft plan completed to present to The Bahamian people and then start negotiations for the investment. By March, try to have funds secured.
Use of funds breakdown
$7 billion for the city (infrastructure, housing, port, airports, hospital, schools, etc.)
$2 billion to create a development bank on each Family Island and capitalize each based on the needs of that island. Eg. Eleuthera Development Bank $300 million, New Providence Re-Development Bank $500 Million, Exuma Development Bank $ 200 million.
$1 billion to rebuild Abaco and Grand Bahama, along with taking a 51 percent stake in Grand Bahama Port Authority.
Every Bahamian will be able to apply for land for housing and business (for free) with no property tax; funds will be allocated from the Andros Housing Bank at low rates.
No large-scale hotels, only 20 to 50 room boutique hotels so Bahamians can be entrepreneurs.
We will build new infrastructure and all government institutions.
This will create an economic boom, a new eco-tourism product, thousands of jobs and ownership, improve family life, reduce crime, increase our GDP, spread the population, afford every Bahamian home ownership, increase industrialization and create happier citizens.
We will heavily invest in agriculture/farming, where we allot land and tools for large-scale farming to ensure we have sustainable food security. Capitalize BAIC with $300 million.
Sir, this will transform the entire Bahamas where every single Bahamian is able to benefit and have their lives improve, provide wealth for the citizens, The Bahamas, and our future generations.
Mervin Christian Sweeting