we expect that a Request for Proposals for
this process will be issued shortly.
The Plan will be monitored and evaluated
by the College of The Bahamas chiefly, but
presented in a way that all citizens feel that
they can understand the progress being
made in implementing the NDP by the
relevant stakeholders, including the Government.
Our last National Development Plan was
prepared in 1976. I am honoured to recognize the drafters of that Plan. Indeed,
Justice K. Neville Adderley served as one
of the chief architects.
We also applaud the efforts of those who
worked towards the development of the
1968 Nassau Masterplan.
We hope to digitize and make available
both works to all Bahamians.
THE ANDROS MASTERPLAN AND
THE NASSAU MASTER PLAN
I now turn to the issue of the two island
Masterplans being prepared by the Economic Development and Planning Unit
under the technical cooperation grants
provided by the Inter-American Development Bank.
The Andros Masterplan takes an ecosystems’ services approach – which means
that it first values the existing mechanisms
through which people benefit from the
land and sea resources of the island. Based
on this analysis, one can then estimate the
changes to those benefits from various development scenarios. The Andros Masterplan uses the best science combined with
planning techniques to develop a roadmap
for the future of Andros.
The Nassau Sustainable Masterplan is
also a dynamic initiative which brings the
City of Nassau into a network of over
50 cities in the Americas participating in
the IDBs Emerging and Sustainable Cities
Programme and seeks to deliver a model
of development that can support the City
and ensure its sustainability for many years
to come.
FOREIGN DIRECT INVESTMENT
Mr. Speaker,
Since our first day in office in 2012, my
Government has maintained its proactive
pursuit and facilitation of various investment projects to improve the growth potential of our economy and thereby create
jobs and entrepreneurial opportunities, all
the while ensuring the protection of the
environment. Through focused attention
and multiple measures, new and expanding developments are underway in various
parts of The Bahamas.
Foreign direct investment in the country
continues unabated, despite a market still
clouded with economic uncertainty and
an increasing paucity of lenders for resort
development projects in this Region.
Since the commencement of my Administration in 2012, The Bahamas has succeeded in securing significant capital commitments of some $7.8 billion in foreign
direct investment, delivering an additional
1500 hotel rooms and 300 high-end estate
homes and villas in resort inventory over
the next decade.
Just over $1.3 billion in new capital projects have been tabled and are currently in
active phases of development, with launch
slated for the fiscal period 2016/2017, ably
demonstrating the continued confidence
of international investors.
In fact Mr. Speaker, contrary to public pronouncements, the stalled opening of Baha
Mar has certainly not eroded investor confidence in The Bahamas as a surprisingly
high number of reputable companies with
global reach continue to express an interest in acquiring the property and many are
participating in the current bidding process
initiated by China Exim Bank.
The list of projects outlined here is not
exhaustive; however, it is anticipated that
the total volume of investment committed from 2012 to today, exclusive of Baha
Mar, will create over 8, 000 construction
jobs during the development phase, and a
minimum of 5,000 new permanent jobs as
new projects come on stream.
NEW PROVIDENCE
LYFORD CAY
Referring to these investments, Mr. Speaker, in New Providence, the homeowners
of Lyford Cay have undertaken a $20 million, single phase construction of a highend commercial & residential complex
with a combination of townhouses, villas,
and high-end retail shops, flanked by a
community park and police station.
Ocean West/Island House/Marley
In the Western District, the newly opened,
10-room Ocean West Hotel and the 33
room Island House in Lyford Cay are
two new Bahamian owned and operated trend-setting boutique hotels in New
Providence. Together with the refurbishing
of the 16-room Marley Resort, they are
redefining the small hotel product and
crafting a superlative visitor experience
in The Bahamas. Also, they have, between
them, added an additional 163 jobs to the
marketplace.
TAVISTOCK GROUP - ALBANY
The Tavistock Group, owners of the Albany Resort, are implementing a $230 million
expansion project over the next 24 months
which will yield new marina residences at a
cost of $100 million, a state-of-the-art, $20
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2016/2017
DRAFT
ESTIMATES
OF REVENUE &
EXPENDITURE