Bahamas Welcomes $55 Million Investment from Saudi Fund for Development

News Americas, New York, NY, September 16, 2024: The Bahamas government has celebrated the signing of a US$55 million agreement with the Saudi Fund for Development, which they say will significantly enhance the socio-economic development of Eleuthera, one of the country’s Family Islands and one of the homes of award-winning Bahamas-roots rocker, Lenny Kravitz.

Bahamas, Eleuthera Island, district of Governor’s Harbour (Central Eleuthera).

At the signing ceremony, Prime Minister Phillip Davis hailed the investment as a transformative step for the island, particularly through the long-awaited upgrade of the North Eleuthera International Airport. “This partnership with the Saudi Fund for Development marks a turning point for Eleuthera and its people,” Davis said. “For years, there has been talk about upgrading the airport, and today, we are moving from talk to action.”

The $55 million investment from Saudi will unlock Eleuthera’s potential, improving infrastructure, increasing tourism, and creating new job opportunities. “By enhancing the airport’s capacity to handle more visitors, we are directly supporting the tourism sector, which is at the heart of Eleuthera’s economy,” Davis added. “This investment will help bring in more international flights, increase connectivity to the rest of The Bahamas, and open up new avenues for local entrepreneurs.”

The Saudi Funds for Eleuthera Development’s contribution comes with a favorable interest rate of just 2.5 percent, ensuring the sustainability and financial viability of the project. For the people of Eleuthera, the airport upgrade represents progress and promises significant improvements in daily life, including better travel options, increased economic activity, and expanded employment prospects.

Prime Minister Davis emphasized that the project is part of a broader national plan to modernize infrastructure across the Family Islands. Already, construction has begun on a new airport in Cat Island, with plans for 14 additional airport developments nationwide. “This is about building for today and tomorrow,” Davis noted, “ensuring that our islands have the infrastructure to support growth and prosperity for generations to come.”

However, with rapid development comes challenges. Davis acknowledged that the rise in economic activity and population growth in Eleuthera has put pressure on utilities, particularly electricity and water services. “No Bahamian should have to live without reliable water and electricity, not in 2024,” he stated, addressing recent concerns over power and water shortages.

To tackle the issue, Bahamas Power and Light (BPL) has commissioned two long-overdue generators, each capable of producing 2.5 megawatts, with one already operational. The second is expected to be running by the end of the week, nearly doubling Harbour Island’s power generation capacity and significantly reducing the likelihood of load shedding. Davis pledged that by the end of September, Eleuthera would no longer experience power shortages.

In addition, over US$7 million in capital works for water infrastructure is underway to address Eleuthera’s growing needs. “This government isn’t interested in quick fixes or political stunts,” Davis said. “We are committed to providing long-term solutions.”

The partnership with the Saudi Fund for Development marks a crucial milestone in Eleuthera’s growth, setting the stage for sustained progress and ensuring that the people of Eleuthera can fully benefit from the island’s rapid development.

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