China Ex-Im Bank lends $41M for Bahamas project

The Bahamian government has approved a plan to build a bridge and port on Abaco island with a $41 million loan from China's state-owned Export-Import Bank.

Prime Minister Hubert Ingraham says the bridge and port will attract more foreign investment to the island. He says $33 million will go for a commercial port and marina and will ease pressure in Marsh Harbour in the south of the island. Both projects are expected to be completed by November 2013. The bridge will cost $6.5 million.

The House of Assembly approved the loan and development project Thursday in a unanimous vote. Terms of the loan were not disclosed. China's Export-Import Bank is also financing a $2.6 billion resort complex in Nassau.

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