National

New Hospital Deal Makes Absolutely No Sense

NASSAU, BAHAMAS – Health and Wellness Minister Dr. Michael Darville told Tribune Business that China Export Import Bank (CEXIM) is expected to fund a $290 million loan to build a new 50-acre medical facility on New Providence.

Published

1 year ago

May 13, 2024

Berthony McDermott

It’s the same bank that financed the multi-billion dollar Baha Mar resort, which after more than a decade in the making, went bankrupt in 2015.

Former Health Minister Dr. Duane Sands says he believes the deal makes no sense claiming it will not benefit Bahamians.

And while Dr. Sands doubts the deal’s value for taxpayers, Dr. Darville told The Tribune, government will pursue the best outcome with a higher local labor force ratio.

Meanwhile, Dr. Sands, who is also Free National Movement chairman, recalled tens of millions of dollars he says was spent on plans for a phased redevelopment of Princess Margaret Hospital, questioning why those plans were abandoned.

Dr. Sands says he believes this latest arrangement is just a ploy to appease Bahamians, foreshadowing a potential duplication of efforts among healthcare providers who may have to operate between two facilities.

The Davis administration is eyeing a September groundbreaking for the new 50-acre facility, with CEXIM Bank to fully fund its construction via a 20-year loan at an interest rate of 2 percent.