• China to finance $2.6bn Bahamian resort

The Chinese government has given approval for two of its state-owned agencies to finance a stalled $2.6bn Bahamian resort project. The agencies will enter into a joint venture with privately held Baha Mar Resorts for redevelopment of the Cable Beach resort in Nassau.

Chinese ambassador Dingxian Hu is to meet with the Bahamian prime  minister Hubert Ingraham on Aug. 18 to formalise the agreement. The China Export-Import Bank will provide $2.5bn in financing and the other agency China State Construction will take a small equity stake in the development and act as main contractor for the 1,000-acre project that will include six hotels and will take four years to complete, news wires reported.


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