2005, May 5: The incoming Co-chairman and CEO of the Grand Bahama Port Authority (GBPA), Julian Francis will take up his post on June 1, 2005.

Mr. Francis, presently Central Bank Governor of the Bahamas, retires from that post on May 31.   In a recent interview with The Nassau Guardian at the Central Bank, Mr Francis said he would be overseeing the day-to-day executive operations of GBPA.

In his initial discussions with Port executives, Mr. Francis said one of the points he addressed was the further promotion of tourism on Grand Bahama island, often referred to only as the industrial capital of The Bahamas.

He told journalist Mindell Small that a decision must be made now as to whether the Port Authority should focus on industry and commerce as opposed to tourism.   In an attempt to improve the country tourist arrival figures, the Grand Bahama Island Tourism Board recently beefed up its advertising campaign, promoting that northern island’s attributes to markets as far afield as Europe.

"I believe that Freeport has tremendous potential. I think we've only begun to scratch the surface. … It can become a modern, commercial city in The Bahamas, comparable to New Providence and could attract capital, technology, new business and greater trading opportunities."

He said that with the infrastructure presently in Freeport and its proximity to Florida (just 90 miles east of West Palm Beach), the city of 30,000 people should be able to attract more tourists.

Better hurricane management needed

Regarding hurricane preparedness, which was tested to its limits with the passage of hurricanes Francis and Jeanne last September, the Central Bank Governor was reported as saying: "We've got to be more organised in how we approach hurricanes. Our response to hurricanes every time is a sort of one-year approach to it. We don't seem to bring to the hurricane problem, the accumulation of experience over many years, which would also include having made financial provisions for the emergencies that they create."

Four-year contract

The outgoing Central Bank governor will be working at GBPA on a four-year contract, which could be renewed based on his performance.

GBPA's chairmanship post became vacant after the December 20, 2004 death of Edward St. George - one of the key players in the development of the city of Freeport.

EDITOR’S NOTE: Julian W. Francis was appointed Governor of The Central Bank of The Bahamas on 1st. February 1997. A banker with more than 30 years of experience, he was appointed Deputy Governor and member of the Bank's Board of Directors in 1993 following a successful banking career in Paris, France, and earlier in The Bahamas. He holds a Bachelor of Science Degree with Special Honours and a Master of Business Degree in Finance from New York University. Fluent in French, Mr. Francis is Vice-Chairman of the Securities Board, the statutory authority in The Bahamas responsible for oversight and regulation of the securities industry, including mutual funds. He serves as Chairman of The Bridge Authority, the public authority which owns and operates bridges in New Providence.