Aerial View of Freeport
FREEPORT - The Free National Movement announced that Grand Bahama can expect to see a significant boost in the local economy as a result of major projects underway here on the island.
FNM MPs and Senators on Grand Bahama held a press conference on Saturday at FNM Headquarters to give an update on the progress of several private and government projects.
Minister of State for Finance Zhivargo Laing reported that half a billion dollars in spending will be made in the Grand Bahama economy due to the multi-million dollar investments approved by the government.
He was referring to the $300 million investment at the BORCO terminal in Freeport, and the $200 million investment at the South Riding Point oil terminal in East End.
"These projects will provide a major boost to the economy here," Mr Laing said.
Vopak's $350 million expansion project at BORCO will increase oil storage capacity at the plant, which has a current capacity of 21 million barrels.
Statoil plans to upgrade the terminal at South Riding Point so it can start blending crude oil.
The first phase of the project involves a major clean up of the facility and upgrading safety levels at the terminal. The second phase will involve installing new pipelines and equipment to begin blending operations.
Kenneth Russell, Minister of Housing and National Insurance, also noted that the sale of Deep Water Cay in East Grand Bahama has been finalized.
"It is expected that some $20-$40 million will be invested to upgrade the facility there," he reported.
Public Works Minister Neko Grant also discussed the progress of government projects that are underway on Grand Bahama. He stated that work is proceeding well on the new $16 million government complex in Freeport.
Mr Grant stated that public restroom facilities are being built at the Post Office Building downtown.
He also added that eight new classrooms will be constructed at the new Sister Mary Patricia Junior High School.
Mr Grant was also pleased with the progress of work at the new ferry dock at McCleans Town in East End.
Mr Grant said the social assessment of the Pinder's Point and Lewis Yard settlements has been completed.
He said the government will review the report so that a decision can be made regarding what steps will be taken regarding the welfare of residents and the students of the Lewis Yard Primary who are affected by emissions from the nearby industrial plants.
