By LEANDRA ROLLE
Tribune Chief Reporter
lrolle@tribunemedia.net 

HEALTH and Wellness Minister Dr Michael Darville said he hopes to finalise loan and labour agreements for New Providence’s new specialty hospital with China Export-Import Bank (Eximbank) before the end of October.

Dr Darville told reporters on Friday that negotiations with the Chinese state-owned bank are in the final stages, adding he is pushing for “the best possible outcome” for Bahamians before the project proceeds.

He said: “I'm hoping that I would be able to complete that before the end of October, and I would be completely transparent with that document and the components of the document are in the public domain, so that everyone would know what we have done and what we plan to do.”

In July, the Davis administration signed a financial framework agreement with the Chinese government, outlining the project’s funding terms.

The deal includes a 20-year loan from the Chinese Export-Import Bank, covering 73 percent of the project’s cost — approximately $195m — at a two percent interest rate, with a five-year grace period.

The remaining $72m is expected to be raised through local or international financing, or a mix of both.

However, labour terms are still being negotiated. The government is currently discussing a 50/50 split between Chinese and Bahamian workers, but officials hope to increase the local share.

“I assure you that we will continue negotiation to get the best possible outcome, labor component for the construction worker in the country, taking into consideration that all concessional loans with the Chinese Eximbank are at 2 per cent interest rate,” Dr Darville added Friday.

The $267m hospital, to be built on 50 acres in the Perpall Tract, is expected to take 31 to 36 months to complete. The 200-bed facility will primarily serve women and children, featuring paediatric wards, emergency and intensive care units, surgical theatres, diagnostic labs, and mass casualty infrastructure.

Once operational, maternal and adolescent services currently housed at Princess Margaret Hospital (PMH) will move to the new site.

The vacated space at PMH will then be repurposed for expanded adult care, including dialysis and other specialty services.

Dr Darville said land clearing contracts will be awarded shortly and that Bahamians will “very soon” see activity at the site.