The Tribune

By Fay Simmons

jsimmons@tribunemedia.net

The Bahamas Development Bank will receive a loan of $30m for business development, it was announced yesterday.

Speaking at the 2023/2024 Budget debates yesterday, Bahamas Development Bank chairman Senator Quinton Lightbourne revealed that the Bahamas Development Bank (BDB) is securing a $30m loan from the African Export-Import Bank, known as Afreximbank, for business development.

He said: “We are finalising a deal with the Afreximbank to secure $30m for business development in our country. This is a groundbreaking deal and was only made possible through hard work, persistence, dedication by the stellar team at the Bahamas Development Bank.”

“The team of BDB rolled up their sleeves and got the work done. We are pleased that we are working with Afreximbank to properly capitalise BDB to provide deserving lords to our citizens that they can play a more meaningful role in our economy."

He said he accompanied the prime minister as they finalized details last week with the Afreximbank president, Dr Benedict Oramah.

Mr Lightbourne also gave an update on the Andros community cluster project noting that the initiative aims to make Andros the "ecotourism capital" of the region. He said the BDB is giving assistance to small and medium-sized businesses in an effort to attract more sustainability conscious visitors to the island.

He said: “There is also going on in Andros right now, Andros community cluster project that is happening in north and south Andros. The Bahamas Development Bank is facilitating this cluster project, which aims to establish Andros as the ecotourism capital of the Caribbean. This is being done by providing capacity development for businesses in marketing and product development through a consultancy firm.

“Many Androsian businesses are small and need training to improve their offerings. And at the Bahamas Development Bank, we are providing marketing support for the development of ten products and tours involving micro small and medium enterprises with a consultancy firm. The goal is to attract more sustainability-driven visitors to Andros.”

Mr Lightbourne said bone fishing and bird watching certifications through the Bahamas Agriculture and Marine Science Institute (BAMSI) are being funded through a $400,000 grant from Compete Caribbean and the BDB has committed $350,000 to fund businesses that emerge from the project.

He said: “I'm working with my fellow senate colleagues in establishing bone fishing, and bird watching certifications on Andros through BAMSI. This is vital to ensure that the bone fishing industry in Andros remains 100% Bahamian.

“This project is funded through a $400,000 grant from Compete Caribbean and directly overseen by the Caribbean tourism organisation which is focused on building community-based experiences to empower our local people.

“The Bahamas Development Bank has also committed $350,000 to fund qualified businesses that emerge from this project. We are committed to helping the Bahamian people and their businesses."

Mr Lightbourne also announced the BDB will donate $56,000 in grants for small businesses to honour the upcoming 50th anniversary of the country’s independence.

He said: “As we continue to celebrate our 50th independence, we must celebrate it with vigor and love. We must celebrate it with the knowledge of knowing that our country will be better in the future. With this sense of national pride, The Bahamas development by launch the 50th Independence development grant where $56,000 was allocated to small businesses in the country.

“The winners will be announced right before independence to continue and economic emancipation of our people.”