By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

PRIME Minister Perry Christie says his government will not sign off on the proposed mega resort development in East Grand Bahama until he is satisfied that the developers have the financing in place for it.

However, while the government keeps the developers of the proposed $6.3 billion Blackwood Point project hanging on, there is a possibility that they could abandon their plans for Grand Bahama and take the proposed development elsewhere.

Lawrence McDonough, of Kylin International Group, and his Bahamian partner Ken Russell, a native of East End and former cabinet minister, applied to the government over a year ago for their proposed project in East Grand Bahama.

The project consists of six hotels and a casino. It also calls for construction of a new airport and harbour, schools, hospital, sewage treatment facility and power plant.

During his visit to Grand Bahama this week, Mr Christie said government has not been satisfied at the moment regarding the financing for the project. “I have given every opportunity to the proponents or those who propose the development. Any development has to be predicated on the ability to produce the money and all developments could have come conclusion if the government was satisfied at the material time and presentation to me that the people proposing the development can, in fact, carry it out with full support.”

The Tribune has learned that Mr Russell and his partner have been commuting to Antigua to meet with the government there regarding major multi-million dollar developments. The Blackwood project would be the single largest investment in the Bahamas and in the Caribbean region, if it receives the green light from the government here.

Mr Christie noted that the project rivals that of Baha Mar in New Providence. “This is an incredibly large one that has never been done or contemplated in the Bahamas,” said the prime minister. “We are talking about billions of dollars.”

“We have the Baha Mar development at $3.5 billion. This was twice the size, and therefore you have to raise the question who is putting up the money? Where are they?

“They say Chinese sources; we know Chinese sources mean that they made tremendous effort and we believe they continue to persevere, and that is why I continue to support them because there was indication that they were headed in the right direction.”

“As long as they are headed in the right direction, we have the patience in our country ... but until such time that we are able to sign off on it, meaning that we are satisfied that the money is in place, it is a no go.”

With the unemployment rate at an all-time high in Grand Bahama, the project would create thousands of jobs for Bahamians. Asked whether he was concerned that Mr Russell and his partner would abandon their proposed plans for Grand Bahama, Mr Christie said: “If Ken is able to get the Antigua government to support him, I would be happy for him, but Antigua is not the Commonwealth of the Bahamas.”

Mr Christie indicated that the Antigua ought to be a little bit more concerned than the Bahamas about its economy, with respect to the dynamics of its economy. “The Antigua government had just given indication that they are entering into agreement with Chinese-based sources for funding a major development there, so they are going to do the same thing we do.

“But at the end of the day you have to be able to produce the money. What the Bahamas government will not do is give letters to people to shop for money. If you were to ask me to provide a letter to take to some financing entity saying you are a good citizen, I don’t think we need to do that. What you need to do is to produce the people who are funding it and we will give them the assurances that the terms of conditions that the country establishes are met.

“But if he is able to get the Antigua government to do it, I will even help him. I am in Antigua tomorrow (for the CARICOM meeting) and I would speak to the new government.