Bahamas Prime Minister Perry Gladstone Christie has revealed that the government is planning to invest approximately $250m to expand the Freeport Container Port transhipment hub.
The expansion will enable around one million additional containers to pass through the Freeport Container Port annually.
Many other Caribbean countries are looking at increasing or establishing a container port operation, as the expansion of the Panama Canal is scheduled to be completed soon.
"Representatives of government and the other parties are steadily working on the terms of a Memorandum of Understanding, having engaged in fruitful discussions over the past weekend," Christie added.
"The Memorandum of Understanding will be placed before my cabinet for final approval in short order, with a view to construction getting underway this summer."
Image: Bahamas Prime Minister Perry G Christie addressing the audience at the opening ceremony of Memories Grand Bahama Beach and Casino Resort. Photo: courtesy of BIS Photo/Vandyke Hepburn.