The government of Bahamas says it has reached an agreement that will lead to the completion of a stalled Chinese-funded $3.5 billion hotel and casino resort.
According to local media, Prime Minister Perry Christie announced that China Construction will finish the Baha Mar project with financing from the Export-Import Bank of China, which will then be sold to a “world class” hotel and casino operator.
Development of the resort came to a halt following a heated legal battle last year in June between the resort’s original developer Sarkis Izmirlian and the project’s owner, state-owned Export-Import Bank of China.
The resort is estimated to already be 97 percent complete, according to the Global Construction Review.
Christie says construction will resume in September and the project will open before the end of the 2016-2017 tourist season.
“This agreement represents a signal achievement for The Bahamas, and a milestone in the troubled history of Baha Mar,” said Christie.