BAHAMAS: Govt. commits $25 million to the development of MSMEs; marginalized groups to benefit

#Bahamas, February 2, 2018 – Nassau – The Minnis Administration has committed to investing $25 million over the next five years to help develop micro small-medium-sized enterprises (MSMEs) in The Bahamas.  Funding for the project will amount to $5 million per year for the next five years and will be funded through the sale of Government-owned shares in Aliv and the Bahamas Telecommunications Company (BTC).

Prime Minister, Dr. the Hon Hubert A. Minnis said the “ambitious initiative” – which has several objectives – will help to stimulate the economy while boosting growth and employment.  The Prime Minister said the initiative will also provide specific support for entrepreneurship and MSMEs development within marginalized groups, especially poorer communities and youth organizations. This will include organizations that participate in the Over-the-Hill Community Development Partnership Initiative.

“We want to enhance business development MSMEs through innovative programmes, through joint ventures with the Government, the private sector and the University of The Bahamas to help provide training and capacity-building for new and existing entrepreneurs,” Prime Minister Minnis said.

“If you have dreamed of opening a business or you are an aspiring entrepreneur, I encourage you to look into this initiative.”

Prime Minister Minnis said his one of his Administration’s goals, is to foster a greater culture of entrepreneurship and innovation while providing support to existing entrepreneur curricula-based programmes such as Junior Achievement.

The Government will also introduce financial literacy and entrepreneurship programmes at the primary, secondary and tertiary school levels (curricula).

“Through this initiative, we intend to promote greater linkages between Bahamian MSMEs and the domestic and international segments of the economy,” Prime Minister Minnis said.

By: Matt Maura (BIS)