China has agreed to finance and build a stalled mega-resort in the Bahamas, where the tourism economy has been hit by falling occupancy rates and reduced foreign investment during the global downturn.

The deal with Chinese investors has given new life to the Baha Mar project, an ambitious complex put on hold more than two years ago when the US casino operator Harrah's Entertainment Inc pulled out because the project had taken too long to organise.

Developer Baha Mar Resorts Ltd announced yesterday that China's economic planning agency had given its final approval for the development of the resort, on 1,000 acres along Nassau's Cable beach.

The deal has been under negotiation with Chinese investors since April 2008, and the project will include six hotels with nearly 3,500 rooms.

Developers say the only remaining authorisation needed is from the government of the Bahamas, where political and tourism leaders have voiced enthusiasm.

The developer says Baha Mar will create 11,000 jobs for islanders, including some around 6,000 permanent positions.

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