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Freeport company invests in plan for Grand Bahama economy

In 2014 Davies Associates Ltd., (DAL) became concerned about the lack of investment in Grand Bahama Island and the general atmosphere of economic decline.

Andrew Davies, president of DAL said, “Our concern was heightened when potential investors began to express to us the view that GBI had become a dilapidated ‘failed project’ in which even those closest to the pulse of the island, the beneficiaries of the Hawksbill Creek Agreement (HCA), no longer invested.”

The periodic announcement of major schemes which never seemed to develop beyond the concept stage magnified the adverse impression that GBI was a high risk location in which many previous investments had failed and new projects were incapable of progression.

Concluding that these negative perceptions had become prejudicial to the prosperity of Grand Bahama Island and that the position was unlikely to improve until a coherent economic plan for the Island addressed the issues, DAL decided to use its own resources to commission an independent study of the conditions in which a plan for the development of Grand Bahama Island could be developed.

The preliminary work is approaching completion and DAL today announces its intention to publish a summary of the findings, propose initiatives to reinvigorate the Grand Bahama Island economy and discuss how these might be implemented.

Andrew Davies said, “The study concludes that measures can be taken to stimulate the Grand Bahama Island economy and while the infrastructure developed in the Port Authority area is necessary it is not sufficient to overcome the negatives. Third party investors will remain unwilling to proceed in an environment in which both financial institutions and even the beneficiaries of the Hawksbill Creek Agreement, appear to be in disinvestment mode.”

In early May 2015 DAL presented findings that came within the scope of the HCA Review Committee and await government’s response to the Committee’s report.