Grand Bahama Shipyard, according to The Nassau Guardian that cites Prime Minister Hubert Minnis.

According to the news site, the prime minister talked about the investment as he was wrapping up the debate on the 2021/2022 budget in the parliament. Minnis said that the original investment, plus all subsequent investments into the shipyard to date, had been approximately $250 million.

“The new investment will match this and exceed it by $100 million,” Minnis was quoted as saying.

He reportedly added that the investment is also one of the largest that has ever been made into Grand Bahama.

According to Minnis’ comments, the multimillion project will include the replacement of two damaged docks with larger ones. The new docks will be capable of handling and servicing “the largest ships in the world,” Minnis was quoted as saying. The $350-million investment will lead to Grand Bahama becoming the largest cruise ship repair facility in the world, according to Minnis.

According to him, work will begin in October 2021, with more details about the work released in the coming months.

“This will result in a notable increase in employment and economic activity on Grand Bahama and for local businesses throughout Freeport and Grand Bahama,” Minnis was quoted as saying by The Nassau Guardian. “This is a sign of progress, a sign of hope, and a sign of confidence.”

According to The Nassau Guardian, the Minnis administration has “frequently highlighted the economic revitalization of Grand Bahama as a priority,” especially after the region’s devastation following numerous hurricanes over the years, with the last one, Hurricane Dorian, taking place in 2019.

Among the administration’s steps to mend the economy was the purchase of the Grand Bahama International Airport, as well as the purchase of the Grand Lucayan in 2018.

“Grand Bahama, like the entire Bahamas, is on the way back,” Minnis was quoted as saying by The Nassau Guardian.