It has been months since the Export-Import Bank of China has announced any news on the Baha Mar Resort, and now the financial institution has come forward, announcing an introductory plan for the future of the defunct project. Future arrangements are in the works, concerning the $3.5 billion Baha Mar project, which will be opened as quickly as it is practicable. The convention center of the property will be used first, in April 2016 for an event hosted by the Inter-American Development Bank.
There has been much speculation as to what will happen to the resort development, which filed bankruptcy before completion. The statement by the CEXIM Bank reports the issues plaguing the project may soon be coming to an end. The bank has stayed in contact with several potential investors who have expressed an interest in the Baha Mar property.
In the meantime, the bank has been complaining of individuals who have ulterior motives and have made remarks that are irresponsible on the subject of the resort, which have affected the actions by the bank and the receivers in regards to the project, though no specific reference to any one person was announced.
The statement by the CEXIM Bank was responded to by BMD Holdings, the Baha Mar Developer. In response, the developer stated that nothing has changed and that proposals have been made by the developer to China EXIM Bank as well as other parties that would allow the resort to be finished and opened with success.
CEXIM Bank noted in the statement that since taking over control of the Baha Mar project, the receivers have taken several measures to ensure that the assets of the project are safeguarded. The financial institution solemnly stated that they have been working actively with relevant stakeholders to seek a proper resolution of the issues. The bank is maintaining a close communication as well as staying in contact with the Bahamian government and currently there is a preliminary plan in place concerning the future of the project. This plan will be implemented as quickly as possible.
The bank and the government are working closely to prepare the convention center of the facility to be used for an event by the IDB in April 2016. The boards of governors of the IDB will meet along with the Inter-American Investment Corporation to hold their annual meeting, which will now take place in the Baha Mar Convention Center.