The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

THE government has finalised purchase agreements with the International Bazaar owners and Harcourt Development, clearing the way for developing an Afro-Caribbean Marketplace in Freeport.

“We are ready to go,” Minister for Grand Bahama Ginger Moxey said at the Grand Bahama Business Outlook on Thursday at the Grand Lucayan Resort.

She said the acquisition of the International Bazaar and the Royal Oasis Tower and Casino properties and the reopening of the West Sunrise Highway are central to the development and are currently in progress.

The Afro-Caribbean Marketplace and Logistics Centre, described by Ms Moxey as a significant undertaking, will comprise exhibition pavilions hosting 54 African countries, 20 Caribbean countries, and 16 islands of The Bahamas.

At the 31st Afreximbank AGM held in Nassau last June, the government signed a $1.8m Project Preparation Facility with Afreximbank to establish the Afro-Caribbean Marketplace and Logistics Center.

Ms Moxey indicated that the Grand Bahama Port Authority has noted long-outstanding receivables from the previous owners that must be settled, causing a slight delay.

“This acquisition has been budgeted for in the 2024/25 Budget of the government, and we are hopeful that we can move ahead as quickly as possible for this game-changing development for our island,” she said.

“The magnitude of this project is far-reaching, and its impact on Grand Bahama will be visible in multiple ways.”

Ms Moxey said the project will resolve longstanding issues that have festered for many years — the closure of West Sunrise Highway, which will be reopened, as well as the defunct Princess Tower and Casino and the International Bazaar properties, which the government will purchase.

Secondly, she noted that the Afro-Caribbean Marketplace would stimulate economic activity, enabling traders to showcase their artefacts, wares, food, and culture through many international festivals.

It will also feature a logistics centre for trade and product distribution.

She said Grand Bahama Island will become the hub connecting Africa and the Caribbean, boosting trade and improving investment relations between countries in the marketplace.

Ms Moxey added that through the Project Preparation Phase, the government has engaged with Afreximbank, the African Union, and the Africa Continental Free Trade Area (AfCFTA), including creative industry and cultural ministers from Africa and the Caribbean, regarding their involvement in the project.

The Minister for Grand Bahama also said progress is being made regarding the Grand Lucayan Resort and Grand Bahama International Airport.