The Tribune

THE Bahamas Natural Resources Foundation has expressed concern over the proposed National Investment Funds Bill tabled in the House of Assembly last month.

In a press release, the BNRF said since its inception in 2018, it has advocated for the establishment of a natural resource-based Sovereign Wealth Fund (SWF).

Such a fund, the group said, merged with legislation for proper use of the country’s natural resources, “would allow the wealth derived from the extraction of resources to be available for national development and for Bahamian citizens”.

“We are perplexed that our leaders find it necessary to repeal the SWF legislation and replace it with a National Investment Funds Bill,” a press release from the group said. “There are more than 100 countries in the world that have established Sovereign Wealth Funds, including China, Norway, the United Arab Emirates, Canada, and the United States.

“We note that reference was made to targeting this capital for economic development, which is said to include a focus on Family Island infrastructure, maximising the value of the public assets for the taxpayer, and better management of the country’s natural resources.”

BNRF said it wants “clarity” on how the country’s leaders can proceed with this vision, without the discussion and legislation of ownership of the country’s natural resources; a proper inventory of our country’s natural resources, knowledge of designated areas identified specifically for natural resource projects and developments and the enactment of the Freedom of Information Act.

It also questioned how this process would occur without knowledge of the much-needed revisions of fiscal regimes; prior knowledge of the guardrails to ensure protection for Bahamian ownership of these underutilised assets and knowing the rationale for not having natural resource-based legislation.

The group added: “How can Bahamian citizens in an equitable manner be economically empowered through the natural resources, if the singular focus of the new bill flings the gate open for capital investment through private/ public partnerships? Are citizens once again being marginalized in the equation for opportunity and equity?

“Citizens are more aware of the value of their country, its natural resources and are reimagining their sovereign rights to access through participation and ownership. They are also more conscious of the level of exploitation of these resources that has taken place for decades with little benefit to the public purse. We are still waiting for an official report of the findings of the HOA appointed Natural Resource Committee by the previous government.

Last month, Prime Minister Philip “Brave” Davis said the National Investment Fund Bill paves the way for a new framework that moves the country toward crucial national development goals.

Through this bill, The Bahamas Resilient Infrastructure Fund will be created that will help promote partnerships for development and in other instances, the redevelopment of Family Island infrastructure, Mr Davis said.

Additionally, as a part of the Bahamas Resilient Infrastructure Fund several sub-funds will be introduced such as the Growth Fund for the Family Islands, Food Security Fund, and Renewable Energy Fund.

He said a Growth Fund for the Family Islands will be an investment fund to promote the development of infrastructure to support local Family Island economies and to support sustainable tourism – including airport, port and maritime infrastructure, and the provision of key infrastructure services.