#Freeport, GB, October 21, 2019 – Bahamas – Today the Government of The Bahamas signed a Heads of Agreement with Western Atlantic University of Medicine Ltd. for the establishment and operation of a University School of Medicine in Freeport.
The
development represents a $64 million investment and will provide hundreds of
construction and permanent jobs.
Prime
Minister Minnis described Monday’s signing as an important part of the
Hurricane Dorian recovery and reconstruction effort.
“This
development represents a significant investment in Grand Bahama, the country’s
second largest economy,” said the Prime Minister.
It
is estimated that in the University’s first 10 years of operation, student and
faculty spending on housing, food, entertainment, goods and on-island
transportation, will provide a combined $200 million in revenue for Grand
Bahama.
At
the peak of construction, 150 jobs will be created.
During
the full operation of the campus, approximately 200 permanent jobs will be
created for Bahamians.
“This
major development will inject hundreds of millions of dollars into the local
economy over time, and provide direct and indirect opportunities for scores of
residents,” said Prime Minister Minnis.
The
development will include university-owned housing for faculty, staff and
students on campus. It will also encompass: on-campus businesses, including a
bookstore, cafeteria and a student center providing music, food, beverages, a
copy center and related services.
Western Atlantic intends to build its own campus on land to be leased from the Public Hospitals Authority. A maximum of 50 acres will be leased in three tranches, based upon the University’s satisfaction of certain deliverables.
The campus will be developed in multiple phases over the next 10 years. The first three phases represent an investment of $64 million dollars. It will involve the construction of 98,000 square feet of classrooms, offices, lab facilities, maintenance, security and related spaces.
Construction
will begin on the first phase by the end of this year.
During
the construction phase, Western Atlantic has agreed to aim for an overall ratio
of 80 percent Bahamian workers to 20 percent non-Bahamian workers.
Under
the agreement, Western Atlantic will also work closely with the Government and
local communities to develop training and professional development programs for
Bahamians who want to work during the operation of the campus.
Approval
to operate the campus will be contingent on the University obtaining
accreditation from the Caribbean Accreditation Authority for Education in
Medicine and other Health Professions (CAAM-HP), or an equivalent body.
Western
Atlantic will also work toward receiving accreditation for its students to be
able to practice medicine in the US, Canada and The Bahamas.
“This
development has the potential to attract global talent and build international
connections,” said the Prime Minister. “It also represents another opportunity
to diversify our economy.”
Prime
Minister Minnis pointed to signs of recovery progress on Grand Bahama, including
of the reopening of the Grand Lucayan hotel and Port Lucaya, the return of
cruise ship visitors and the restoration of essential utilities.
“We have a long road ahead of us for recovery and reconstruction, but we are making progress,” said Prime Miniser Minnis. “Today’s signing is yet another indication of the progress we are making together.
Release: Office of the Prime Minister
Commonwealth
of The Bahamas
Photo Caption: Signing of Heads of Agreement with Western Atlantic University of Medicine Ltd. for the establishment and operation of a University School of Medicine in Freeport. The signing ceremony took place on October 21, 2019 in Freeport, Grand Bahama. Pictured signing on behalf of the Government of The Bahamas is Secretary to the Cabinet Camille Johnson, and on behalf of the Developer is CEO, Western Atlantic University School of Medicine, Peter Goetz.