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Royal Caribbean reiterates commitment to The Bahamas

Royal Caribbean International has said it remains "committed" to The Bahamas as the cruise giant realigns its strategic priorities in light of the coronavirus pandemic. 

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Date:
Updated:
TheBahamasInvestor.com
Wednesday, April 1, 2020
Wednesday, April 1, 2020

Royal Caribbean International has said it remains “committed” to The Bahamas as the cruise giant realigns its strategic priorities in light of the coronavirus pandemic.

The company signed a Heads of Agreement in early March to redevelop the Grand Lucayan resort in Grand Bahama in partnership with ITM (Bahamas Port Investments Ltd). The $250 million joint venture is expected to transform both the hotel and the cruise port, reigniting Freeport’s tourism product.


Although it has not commented on those plans, Royal Caribbean said in a recent statement that it was reevaluating its portfolio of projects and added: “We remain committed to The Bahamas and look forward to continue working closely with our partners and friends in The Bahamas to recover and bounce back from these unforeseen circumstances, and to continue to grow visitors to the destination now more than ever before.”

The cruise line has suspended all global sailings until May 12, and is looking to reduce capital expenditures and operating costs as it rides out the economic aftershocks of the Covid-19 pandemic.

The group’s stock price has fallen by 70 per cent since February and last week Royal Caribbean announced it had secured a $2.2 billion secured term loan to boost liquidity and enable the company to keep its financing commitments for ships already on order.

Royal Caribbean reiterates commitment to The Bahamas

Pictured: Prime Minister Dr Hubert Minnis (standing, second right), seated at left are Royal Caribbean International President and CEO Michael Bayley (left) and CEO of ITM Mauricio Hamui, representing the Developer; and at right, Secretary to the Cabinet Camille Johnson (second right) and Director of Investments Candia Ferguson. Standing from left: Minister Iram Lewis, Minister of State Kwasi Thompson, Deputy Prime Minister Peter Turnquest, Prime Minister Hubert Minnis, and Minister Dionisio D’Aguilar. (BIS Photo/Yontalay Bowe)

Alicia Bárcena, executive secretary of the Economic Commission of Latin America and the Caribbean, has issued guidance on the region's economic outlook and response to the coronavirus pandemic. Read extracts from her remarks here.

The Inter-American Development Bank (IDB) has earmarked at least $500 million to help the Caribbean mitigate the economic impact of Covid-19 and will be reframing its regional strategy to focus on supporting SMEs and building capacity in the most vulnerable sectors of the region's economy.

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