NASSAU, BAHAMAS- Amendments to the Bridge Authority Bill will establish a framework for financing options, including public-private partnerships and creative loan arrangements, allowing projects to bypass the central government system, with the Glass Window Bridge in Eleuthera identified as a primary target for reconstruction where estimates range from $40 to $50 million, according to Attorney General Ryan Pinder.
During the debate on the Bridge Authority Amendment Bill, which was passed in Parliament last month, Pinder noted that he has seen estimates as high as $100 million for constructing a new Glass Window Bridge, especially since the existing bridge has shifted off its axis.
The Bridge Authority Amendment Bill will provide the framework for all bridges in the country to be constructed, managed, and maintained by the Bridge Authority, which currently oversees two bridges in New Providence.
“We know that crossing the Glass Window Bridge can be dangerous at times. With raging ocean currents from the north, it can knock vehicles into the water if you’re not careful. It’s a very hazardous crossing during rough weather,” said the Attorney General.
He added, “We are amending the Bridge Authority Act to clarify that the scope of application extends beyond Nassau to any location designated by the Minister. Replacing the Glass Window Bridge through a central government initiative is highly cost-prohibitive, with the latest estimates at around $40 to $50 million. I have seen some quotes reaching upwards of $100 million to build a new, safe bridge that won’t be knocked off its axis.”
Pinder emphasized that utilizing an established authority like the Bridge Authority, which has a reliable revenue stream and an independent government structure, allows for various financing alternatives. “You would be able to pursue public-private partnerships and creative loan financing without having to navigate the complexities of the central government system,” he said, noting that the Glass Window Bridge will be one of the first to be rebuilt and rehabilitated through this framework of public-private partnerships and creative financing utilizing the Bridge Authority.
Clay Sweeting, Minister of Works and Family Island Affairs announced last month in Parliament that the Glass Window Bridge will be reconstructed using loan financing, with completion expected by 2027. He noted that Cabinet has approved the use of UCAF credit support to finance the construction of the bridge, a strategy that benefits the government by accelerating project delivery and securing financing at competitive rates. The Ministry of Finance has confirmed that the loan will be secured through the Bridge Authority, and it is anticipated that the loan agreement will be finalized in early 2025, allowing construction to begin shortly thereafter, suggesting a completion date for the bridge in early 2027.
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