The Tribune

More than 205 applications have been received during the first seven months of an initiative designed to empower women entrepreneurs in the tourism and agri-food sectors.

The Food and Agriculture Organisation of the United Nations (FAO), in a statement, said 120 or more than 58 percent of these applicants are receiving “specialised training” from the University of The Bahamas (UoB) as part of a project where it has partnered with the Bahamas Development Bank (BDB).

Launched in February 2024, the FAO said the project is designed to address structural challenges with gender equality and reshape the financial landscape in favour of women and young persons. It is focused on developing tools tailored to the needs of women-owned micro, small and medium-sized enterprises (MSMEs) within the tourism and agri-food sectors in The Bahamas.

Out of the 12 applicants selected for the specialised training, the FAO said ten businesses have been shortlisted for a pitch competition while another 15 have been accepted for internships. Eight mentors worked with the group over a six-month period, with the project covering New Providence, Abaco, Andros, Exuma, Grand Bahama and Eleuthera.

The initiative has seen the FAO and BDB implement the joint sustainable development goals (SDG) fund programme on Building Back Equal through innovative financing for gender equality and women’s empowerment.

Over the seven-month period, the project piloted financing tools designed to support gender equality and women and youth entrepreneurs in The Bahamas. The project’s objectives included reducing financial risks for these groups and accelerating progress towards the (SDGs).

As part of its role, the BDB designed financing instruments specifically for gender equality and provided on-the-job training for financial institutions on how to best support women-owned MSMEs. These efforts were further strengthened by the creation of standardised tools, indicators and frameworks aimed at regulating, measuring and promoting gender lens investing.

The FAO said one of the key outcomes in this partnership was the implementation of a gender financing instrument that offers both grants and debt funding. Through the launch of both a debt programme and a grant programme, the initiative equipped women and youth with the resources and support needed to thrive in their entrepreneurial ventures. This approach not only supports individual entrepreneurs but also fosters broader community development.