The Tribune

The Bahamas Development Bank (BDB) says it is developing a new Strategic Plan that combines objectives such as climate change mitigation with environmental sustainability and financial inclusion.

Detailing what it describes as a major reform effort, the BDB said its aim is to boost Bahamian economic empowerment while also supporting the United Nations (UN) Sustainable Development Goals. Besides re-engineering its business processes to improve service quality, the strategic plan will also embrace gender equity.

It added that it plans to invest in the so-called "green, blue and orange economies" by financing projects and entrepreneurs that focus on technology for greater industrialisation, renewable energy, sustainable agriculture and sustainable tourism.

Executives from International Financial Consulting (IFC) have been hired to prepare the strategic plan's environmental assessment. They visited The Bahamas in November to meet with a wide range of public and private sector stakeholders. The company has worked with national, regional and multilateral development banks in more than 65 countries.

IFC's consultants visited Grand Bahama and Exuma. Senator Kwasi Thompson, minister of state for Grand Bahama, identified development opportunities - especially in the maritime industry - as well as the need to support small and medium-sized enterprises (SMEs) with capital in the wake of Hurricane Dorian.

The BDB's apiary programme was highlighted as an example of how combining technical training and financing could provide opportunities for start-ups across The Bahamas. In Exuma, stakeholders highlighted the need for holistic development on the island to complement the $44m airport upgrade planned for 2020. Restaurants, housing, agriculture and fisheries development, taxis, and medical facilities were all cited as areas for potential development investment.