Bahamas News
Bank Provided Billions in Financing
#Nassau, December 6, 2018 – Bahamas – Regional bank, CIBC First Caribbean has provided over USD$1.8 billion in funding for infrastructure projects over the past three years.
Of that amount USD$500 million have gone to support energy utility companies in the Bahamas, Aruba, Curacao and Jamaica said the bank’s Chief Executive Officer Colette Delaney as she delivered remarks at the opening of CARIF 2018 – 3rd Caribbean Infrastructure Forum at the Baha Mar Resort, Nassau.
“We believe that as a leading regional bank, we have an important role to play in this sector. Each of the projects we funded was created in response to some specific opportunity or need that existed somewhere in our region,” Ms. Delaney said.
The decision to co-sponsor the conference along with KPMG underlines CIBC FirstCaribbean’s ongoing commitment to the region. Ms. Delaney said the two-day Agenda zeroed in on some of the pivotal challenges and opportunities confronting the region in terms of infrastructure planning and development.
“These include climate change with its consequent rise in sea level and all that this portends for a region whose key earner is white sandy beaches; stronger storms in areas where building codes are weak or non-existent; rising landfills and shrinking land space as islands struggle to cope with solid waste disposal. These are some of the real challenges facing this region, which the right partnerships can turn into opportunities.
“Last year’s devastating hurricanes taught us some critically important lessons – chief among them was the very vulnerable nature of key infrastructure in the Caribbean. We all saw how storms can paralyse entire island-
nations many of which have one or two major highways, a single air and seaport, a single power plant and key government and private sector buildings clustered in one location.
The CEO said Hurricanes Irma and Maria had a direct impact on CIBC FirstCaribbean operations in five territories – Anguilla, Antigua, British Virgin Islands, Dominica and St. Maarten.
Ms. Delaney said that if the region is to continue to grow and maximise its fullest potential then “regional bankers and builders, politicians and policy-makers must ensure that future projects – roads, bridges, ports, office buildings and hotels – are not only constructed to withstand the super storms of the future but are also situated in locations that give due consideration to storm surges, overflowing rivers and landslides”.
“In addition, we must also ensure that insurance coverage to mitigate these risks is adequately implemented, regulated and maintained.”
She added that even though this region is blessed with an almost infinite supply of sun, wind, water and thermal energy, with some exceptions, they remain largely untapped resources throughout the region. Creative private public partnerships for the development and diversification of the energy sector, is need to bring about a more balanced use of green energy along with that derived from traditional fossil fuels.
“It is clear,” she said, “that both public and private investment in physical capital is crucial to driving Caribbean economic development and consequently the creation of wealth for its citizens.
“As an example, a quick look at a sample of 128 developed and developing countries suggests that the quality of a 
country’s seaport infrastructure and shipping logistics, coupled with widespread access to both telecommunications and electricity are all highly correlated with a country’s GDP per capita and thus, its overall level of development.
“Conversely, a lack of investment in critical infrastructure and essential services in a well planned and executed manner can cripple a country’s economic growth and stifle business development opportunities and foreign direct investment.”
Dr. The Most Honourable Hubert A. Minnis, Prime Minister of The Bahamas opened the conference at Baha Mar noting the timely nature and importance of the infrastructure and financing discussions for the entire region over the next two-days. He thanked CIBC FirstCaribbean and other sponsors for hosting the important event.
Press Release: CIBC First Caribbean
Photo Captions:
Header: Prime Minister of the Bahamas Dr. The Most Honourable Hubert A. Minnis at the start of the CARIF 2018 conference with CIBC FirstCaribbean’s Managing Director, Bahamas and TCI, Marie Rodland-Allen (left) and CEO Colette Delaney.
Insert: Bahamas Prime Minister Dr. The Most Honourable Hubert A. Minnis shares a light moment with Chief Executive Officer of CIBC FirstCaribbean Colette Delaney (left) and the bank’s Managing Director, Bahamas and TCI, Marie Rodland-Allen.
Rashaed Esson
Staff Writer
#TheBahamas#RoyalCaribbean, April 23, 2024- After being delayed following its announcement in 2020, Royal Caribbean’s new 17 acre Royal Beach Club on Paradise Island in Nassau, Bahamas, is now in the works and is scheduled to be ready for 2025, according to reports. A groundbreaking ceremony was held on Monday April 22, signifying the start of construction in the next few months. This project is huge for The Bahamas as it’s a first of kind for the nation, with a unique public private partnership allowing Bahamians to hold up to 49 percent in equity.
Nassau, THE BAHAMAS — Some of the most successful and accomplished professionals and business leaders in the country
recently shared their experiences and nuggets of wisdom with students at University of The Bahamas (UB) about thriving in a wide range of careers.
The University Centre for Counselling and Career Services and the Career and Job Placement Advisory Unit collaborated to host the 2024 Career Symposium which brought students face to face with leaders in the careers to which they aspire.
Vice President of Academic Affairs, Dr. Maria Oriakhi, said the symposium was key to developing potential as university students strive to leave their mark on the world.
Ms. Rickell Curry
“In the spirit of collaboration and growth, let us engage in meaningful dialogue, cultivate relationships, and harness the power of collective wisdom to shape our futures,” said Dr. Oriakhi. “Together, let us embark on this journey of exploration and discovery, united in our commitment to realizing our fullest potential and making meaningful contributions to our communities and beyond.”
Promoting careers in psychology, Ms. Curry noted that psychologists are equipped with the ability to help others, troubleshoot areas of weakness within themselves, and become better people and professionals in the process.
“The floor is yours to be able to explore. There’s no job where you don’t have to deal with people, so learning, even if you get a bachelor’s in psychology, is a great grounding,” she said.
Dr. Darville, one of few interventional radiologists in The Bahamas, offered another nugget of advice on choosing an area of study.
Dr. Elizabeth Darville
“It is important to know enough about yourself in order to make the decisions you want to make,” said Dr. Darville. “You have to work on yourself first and know what you want to do. Radiology gives you a chance to have fun. It gives you a chance to mold your career closer to your personal life than other medical specialties might.”
Another growing field is project management which Mr. Hepburn called a life skill. He also urged a commitment to lifelong learning.
“Individuals that continue to learn become unstoppable, period,” said Mr. Hepburn. “It is so true. When you learn, you become unstoppable because nothing can stop you in your process of development.
Mr. Wellington Hepburn
“The more you know, the more valuable you are. We need individuals who are cross functional—that can operate in different capacities. So please understand that your learning should never stop.”
With small and medium-sized businesses helping to drive the economy at an incredible rate, Ms. Rolle affirmed the importance of entrepreneurship in any economy.
“When we talk about entrepreneurship, we usually look at it from a myopic standpoint,” she said. Ms. Rolle. “What do I mean by that? Small, but usually about self: ‘how do I make more money?’ And in some cases, some look at entrepreneurship as a way of survival. ‘I need to make a couple extra dollars, I have this bill to pay’. Those types of things.
Ms. Samantha Rolle
“But entrepreneurship really, in its truest form, is about innovation, whether it’s a new concept or any existing concept that you innovate new ways, or help expand the economy.”
The career symposium was held at the Harry C. Moore Library and Information Centre and is held every academic year.
PHOTO CAPTIONS
- Career Symposium 1: UB Vice President of Academic Affairs, Dr. Maria Oriakhi, delivers the opening address at the 2024 Career Symposium.
- Career Symposium 2: Students and guest speakers enjoy a lighthearted moment during the 2024 Career Symposium.
- Career Symposium 3: Ms. Rickell Curry speaks to students during the 2024 Career Symposium.
- Career Symposium 4: Dr. Elizabeth Darville delivers remarks during the 2024 Career Symposium.
- Career Symposium 5: Mr. Wellington Hepburn educates students on the importance of project management during the 2024 Career Symposium.
- Career Symposium 6: Ms. Samantha Rolle talks about the role and importance of entrepreneurs and entrepreneurship in any economy.
Office of University Relations
University of The Bahamas
2nd Floor, Michael H. Eldon Complex
Oakes Field Campus
P.O. Box N-4912
Nassau, The Bahamas
Tel: (242) 302-4355/4354/4365
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