On 11 November 2011, Chinese Ambassador Hu Shan was invited to attend the ribbon-cutting ceremony for the opening to traffic of the West Bay Street of the Baha Mar Project. Ambassador Hu cut the ribbon together with Bahamian Prime Minister Hubert Ingraham. Noted public figures from the Bahamian side participated in the ceremony, including Deputy Prime Minister and Minister of Foreign Affairs Brent Symonette, President of the Senate Lynn Holowesko, Speaker of the House of Assembly Alvin Smith, Leader of the Opposition Perry Christie, Minister of Public Works and Transport Neko Grant and several other Bahamian Cabinet ministers.
Bahamian Prime Minister Delivers a Speech Ambassador Hu Greets the Rt. Hon. Prime Minister
Diplomatic staff of the Chinese Embassy, managerial staff from both China State Construction and Engineering Corporation America and the Baha Mar Ltd. were also present at the ceremony.
In his speech, Prime Minister Ingraham said the completion of the West Bay Street not only showcased the high quality of the Baha Mar Project, but would significantly improve the situation of the traffic from north to south of New Providence as well. He believed that, upon the completion of the whole Baha Mar Project, the international image of The Bahamas as one of the world's leading tourist destination would be further enhanced, and that more visitors of international influence and big consumers would come The Bahamas for vacations and holidays. The Prime Minister thanked the Chinese government and its Embassy in The Bahamas for their positive support to the Project and expressed his appreciation of the huge loan from the Exim Bank of China to Baha Mar Project. His thanks also went to China State Construction and Engineering Corporation (America), General Contractor of the Baha Mar Project for its efforts.
Mr. Sarkis Izmilian, Chairman and CEO of the Baha Mar Ltd, expressed his gratitude to the Bahamian and Chinese governments for their support, particularly the confidence and financial support to the Project from the Chinese side.
The New West Bay Street Road Signage Unveiled Ambassador Hu Cuts Ribbon
The West Bay Street project is part of Phase one of the Baha Mar Resort Project. The site of the Project is situated along the Cable Beach of Northeast New Providence with a total area of 1000 acres. The Project has a grandiose blueprint of combining vacationing, entertaining and sporting facilities into an organic whole, with hotels of international reputation, convention centers, golf courses, shopping malls and aquatic-and-eco parks etc.. Upon completion, the Baha Mar Resort will become the biggest and most luxurious mega-resort in the Caribbean region.
The total amount of investment in the Baha Mar Project is up to 3.5 billion US dollars, including a loan of 2.45-billion US dollars from the Exim Bank of China, an investment of 150 million US dollar from China State Construction Engineering Corporation (the General Contractor) and an investment of 900 million US dollars from the Baha Mar Ltd. The whole project is scheduled to complete in 2014.