Categorized | National News

Government Investing in Public-Private Partnerships to Stimulate Infrastructure Development

The Government of The Bahamas is committed to infrastructure development and has taken a policy position that will seek to finance its infrastructure needs through public-private partnerships (PPPs).

To address the country’s infrastructure needs, the government is investing $200 million in PPPs this year.

“The importance of infrastructure development in relation to the strength of our economy is paramount as we work towards building a prosperous Bahamas. However, it is not realistic to finance all infrastructure projects upfront through public funding,” said Deputy Prime Minister and Minister of Works and Urban Development Philip E. Brave Davis.

“Therefore, PPP arrangements with developers and other private sector interests are necessary to ensure the appropriate supporting infrastructure is constructed and managed for the benefit of all stakeholders, including local residents.”

The 2015/2016 Budget will allow the government to promote up to a targeted $200 million in PPP investments.

These include improvements to a number of Family Island roads and bridges, upgrades of a number of Family Island Airports, construction of new government buildings and repairs of existing government buildings and expenditures on the healthcare infrastructure and schools.

“We must enhance the physical capital of The Bahamas in order to grow our economy,” said Minister Davis. “Whether it be through the development of new roads, airports, harbours and ports, or by improving access to basic public utilities such as water and electricity, our government is focused on bringing about improvements to public infrastructure development.”

Written by Jones Bahamas

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