Alternative investment firm Sygnus Capital has arranged the financing of a private-public partnership on behalf of Caribbean Pavement Solutions (CPS) in The Bahamas.

CPS is a member of the Bahamas Striping Group of Companies, which operates a pivotal infrastructure development entity in that country. It will be the key partner of the Government of The Bahamas for the 163-mile asphalt road paving and road safety enhancement project on the island of Eleuthera.

Sygnus Capital will lead the financing of the US$25-million project. The financing is facilitated through a revolving receivables programme.

“We are excited to continue our partnership with Caribbean Pavement Solutions and the Government of The Bahamas,” Gregory Samuels, senior vice-president and head of investment banking at Sygnus Capital, said.

“This project is a testament to Sygnus Capital’s commitment to supporting sustainable infrastructure development in the region. Our investment aims to not only improve road safety and connectivity but also enhance regional infrastructure and contribute to the economic growth of our neighboring countries,” he continued.

The improved road infrastructure will immediately enhance transportation and accessibility for the people of Eleuthera. Renowned for its stunning pink sand beaches, crystal-clear waters, and picturesque homes, Eleuthera is a popular Family Island destination in The Bahamas for tourists.

However, the deteriorating condition of the island’s roads has been a deterrent for visitors, negatively impacting the local economy. Additionally, the poor state of the roads posed significant challenges for residents, contributing to accidents, vehicle damage, and unsafe travel conditions.

The Eleuthera Road Project (ERP) addresses these issues while serving as a catalyst for economic, social, and environmental development. This venture follows Sygnus Capital’s successful US$25 million investment in a 45-mile highway improvement project in Exuma, marking its second major roadwork project in The Bahamas.

“From stimulating economic growth and creating jobs to enhancing transportation, boosting tourism, and increasing safety, the project addresses multiple facets of life on the island,” Dominic Sturrup, executive chairman at Caribbean Pavement Solutions, stated.

“The Bahamas Striping Group of Companies (BSGC) is profoundly happy and empowered to have Sygnus as one of their financing partners in the historic Eleuthera Road Project. This partnership underscores the significance of securing the largest contract in our company’s history and marks a monumental achievement for Eleuthera, benefiting from its most substantial infrastructural development to date,” he continued.

So far, the project has created 160 jobs, benefiting not only CPS but also local contractors Quick Fix and NuView Construction, bringing significant economic value to the island.

“We have seen the impact of Sygnus in Jamaica, and we believe that this partnership exemplifies our shared commitment to community development and infrastructure enhancement improving the quality of life for people,” Sturrup noted.