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MONDAY, MAY 8, 2023
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‘Protect the asset’ focus in 10% taxi fare rise to end $400m UK financing talks ‘hustler’ stigma By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
• ‘Sea berm’ to secure GB airport, Freeport from storms CLIMATE resilient projects to protect critical assets such as the redeveloped Grand Bahama Inter- • Gov’t wants to stop it from national Airport could be included adding to $11bn national debt in the up to $400m financing that The Bahamas is negotiating with a UK government agency. • Opposition wants guarantee A principal in the Bahamian group that won the bid to redevelop and clarity; why not PPP group operate that airport, and a senior UK Export Finance official, revealed to Tribune Business that a “sea defense berm” - which would protect not only the aviation gateway but homes and businesses in Freeport - was among the initiatives being targeted in the financing negotiations. Both Anthony Myers, Bahamas Hot Mix’s (BHM) chairman, and a lead investor in Aerodrome Ltd, and Jesse McDougall, UK Export Finance’s head for the North American and Caribbean region, confirmed that the size of the potential financing drawdown and its uses were still
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GRAND BAHAMA INTERNATIONAL AIRPORT AFTER HURRICANE DORIAN.
North Abaco port’s $60m need as RFP is readied By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday said the Government is “moving quickly” to put both Abaco’s commercial ports out to bid amid assertions that the northern location needs a $60m upgrade to make it commercially viable. Jobeth Coleby-Davis, minister of transport and housing, in a messaged reply to Tribune Business inquiries said the Attorney General’s Office is reviewing draft tender documents for bidding processes that will seek qualified groups to redevelop, operate and manage both the Marsh
JOBETH COLEBY-DAVIS Harbour and North Abaco ports under a privatepublic partnership (PPP) arrangement. Pledging that the Government is “committed” to developing both facilities, she added that her ministry
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Six design options for GB’s $200m airport By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GRAND Bahama will be presented with six different design options for its new $200m airport, the winning bidder has revealed, with an announcement on the expected construction start expected “very shortly”. Anthony Myers, Bahamas Hot Mix’s (BHM) chairman, and a member of the all-Bahamian Aerodrome Ltd group, told Tribune Business that Pascall + Watson, a firm of architects that has a track record in airport design, has been hired to develop several concepts
for a transformed Grand Bahama International Airport. “We’re expediting it as quickly as possible,” he confirmed. “We have Manchester Airport Group already fully engaged and giving significant input along with the architectural team at Pascall + Watson. They’re the foremost leading airport design firm in the world; they’ve done Dubai airport, done airports all over the world. “They’ve already introduced concept designs and concept planning. We have six different scenarios we will take to a [planning]
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• Vehicle loan requests jump 500% By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TAXI Cab Union’s president yesterday voiced optimism that the imminent 10 percent fare increase will offset the industry’s “over saturation” after it was revealed that new vehicle loan requests jumped sixfold in late 2022. Wesley Ferguson told Tribune Business that taxi drivers will “no longer be perceived as hustlers” due to a reform package that includes a ‘code of conduct’ all drivers must abide by, and pledged: “You’re going to see great things coming to the taxi industry.” He spoke out after the Central Bank’s latest bank lending conditions survey, covering the 2022 second half, revealed that loan
applications to finance the purchase of new taxis and rental cars rose by 500 percent compared to the prior year. This was attributed to the Government lifting the prior moratorium on taxi plates, which sparked demand for new vehicles among recipients. “Significant advancements were noted for taxis and rented cars, which rose more than four-fold, reflective of the Government’s lifting of the moratorium on taxi plates,” the Central Bank said. “Applications for taxis and rental cars expanded by 500 percent.” However, an expansion of that magnitude represents a six-fold increase. And a deeper dive showed that this 500 percent increase was based
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