The Tribune

IN A recent edition of Global Gaming Asset Management’s circular, Pete Wu, a former Macau gaming executive, later senior vice president, international marketing and alliances for Baha Mar Ltd, commented on the importance of the Export-Import Bank of China being the financier of the $2.5 billion project.

The bank, said Mr Wu, has “skin in the game so they have a vested interest in helping us be successful…”

In all of these discussions, the bank seems to have faded into the background, but in view of the crisis now confronting not only Baha Mar, but the Bahamas government and its people, we are now urging the bank to step up to the plate.

The economic best interests of the people of The Bahamas and the economic interests of the Export-Import Bank of China are intertwined by having Baha Mar successfully completed and in as timely a manner as possible.

A successful Baha Mar represents a critical sparkplug to our nation’s economy – from a significantly enhanced tourism trade, to business development, to substantial employment opportunities for Bahamians, to an enhanced standard of living for this society. For the Bank, it means not only assuring the soundness of its important funding participation in the project but, as importantly, it underscores its role as a key element in helping both Bahamians to be able to realize a better life and for this nation to grow and prosper.

Much has been reported about the project – how it will make The Bahamas a worldwide tourism destination; how its opening has been delayed primarily because construction deadlines have not been met, how all parties – the developer; China State Construction as the general contractor, and the Bahamas Government must live up to their respective commitments. We urge each to do so. What, however, has been out of the public eye is the Bank’s responsibility to bring the Baha Mar project to fruition. The bank has a responsibility to the project and to this community. We ask that it meet that responsibility.

Export-Import Bank of China is not simply a funding source. It is the lynchpin between the developer and the general contractor. Its original funding participation of $2.4 billion came with the understanding that the project would use China State Construction as the General Contractor and that the construction workforce be primarily imported Chinese labour even though unemployment is high in The Bahamas. Bahamians have been willing to accept these conditions even though many of our people could have used the work. Bahamians understood that a completed Baha Mar would be an economic sparkplug for our country. It will mean jobs not only at Baha Mar, which already in preparation for opening is training and employing thousands of Bahamians, but the economics of the visitors Baha Mar will attract should significantly stimulate the growth of many other businesses on our island from the butcher, to the baker, to the candlestick maker.

If Baha Mar is to be the economic sparkplug, then you, the Bank, are the critical charge that provides the spark-plug the ability to generate its economic power. You have the financial resources to enable both the developer and the General Contractor to bring this important project to our nation to its successful opening. Not only do you have the funding capability to be used as needed, you have a moral responsibility to do so for both The Bahamas and China. This past January your country’s President and our Prime Minister jointly announced an agreement for our two nations to work together to make The Bahamas a vibrant business and economic zone in both the West and the Caribbean – a model, so to speak, of nation partnership. In defining the Bank, you make clear that your responsibility is “contributing to the efforts of promoting common development and growth and building a harmonious world”. This is exactly consistent with the agreement announced earlier in the year by our respective government leaders and this is exactly what successfully completing and opening Baha Mar will help achieve.

Now is the time for the Export–Import Bank of China to step up to help in the completion of Baha Mar. You, the bank, are a major “partner” in this very important business and economic endeavour. You should make certain, in a prudent manner, that the job gets done in a timely and best in class fashion. Provide the relationship strengths that you wield to facilitate that all parties can properly and harmoniously fulfil their assurances to one another, to the Baha Mar project, and to the people of The Bahamas. You are the glue that will enable China to fulfil its promises to The Bahamas and repair its reputation in the region.

It is important that Baha Mar open soon if China and the Bahamas is not to be made the laughing stock of the international tourism industry — and all because sensible men could not sit down, have a discussion, and come to a sensible agreement.