NASSAU, BAHAMAS — Upgrading and enhancing Freeport’s infrastructure to support a modern cosmopolitan city will require considerably more investment than current revenue streams, according to Grand Bahama Port Authority’s (GBPA) Revitalization and Economic Expansion of Freeport (REEF) Committee.
The committee has unveiled its five point ‘Action Plan’ to restore socio-economic growth to Freeport.
“Since 1955, over $12 billion (in 2019 U.S. dollars) have been invested in Freeport’s current infrastructure,” it read.
“Given impairment over the sixty-plus years and the impact of successive hurricanes over the past decade, that infrastructure has a current value (estimated on a depreciated replacement cost basis) of roughly $10.5 billion.
“Upgrading and enhancing that infrastructure to the quality required to support a modern, cosmopolitan city will require considerably more investment than can be supported with current revenue streams. The time has come for a radically different approach.” the Committee has noted.