Connect with us

Bahamas News

JAMAICA: PM says NWC $15 Billion Local Bond Will Transform Entity

Published

on

#Jamaica, May 17, 2018 – Kingston – Prime Minister, the Most Hon. Andrew Holness, says the $15-billion local bond facility established by the National Water Commission (NWC), will now help to transform the entity into a viable asset for long-term investment.

“We are now creating the NWC as an asset in which pension funds, and other such funds, like insurance funds, can invest,” he explained, while addressing a press conference held at Jamaica House on Tuesday (May 15) to provide further details on the bond issue.

Mr. Holness said the Government recognises that the NWC is “an incredible asset”, but lamented that for many years, it has had a poor balance sheet.  He noted that the local bond issuance will now allow the NWC to refinance a significant portion of its high interest rate foreign currency denominated loans, which will reduce the Commission’s exposure to foreign exchange losses.

Over the years, the NWC has suffered significant financial losses due to the negative impacts of declines in the exchange rate of major trading currencies against the Jamaican dollar.  The foreign exchange losses incurred by the company for the 2014 to 2017 period amounted to $5 billion.

The Prime Minster said that in making the NWC financially stronger, it will be able to take on more capital projects, noting that a significant portion of the $15-billion bond will be used to finance capital projects, which include laying pipes, dealing with sewerage infrastructure, treatment and repairs.

“Because the NWC is now a financially viable asset, it does not have to depend on government support or revenue. It can now engage on equal footing with the private sector, through public/private partnerships, because it has a stronger balance sheet to execute these projects,” he said.

The Prime Minister further noted that he is pleased that the arrangement, which is the largest the NWC has ever undertaken, is being done without a government guarantee, and at competitive interest rates.  It will also be the second largest Jamaican dollar denominated transaction of this nature.

Mr. Holness said he also welcomes another important aspect of the facility, where a substantial portion of the bond will be loaned to the Government for 40 years.  He noted that this is significant, because it demonstrates that the market is not only willing to lend without a government guarantee but for such a long period.

Under the arrangement, which was facilitated through the National Commercial Bank Capital Markets Limited, the NWC will have immediate access to $12.51 billion to refinance specific foreign currency denominated loans and also provide funding of $3 billion to undertake a number of agreed capital projects islandwide in the fiscal period 2018/19.

The remaining $2.49 billion from the bond issue is to be received in 12 months, on condition that the Commission would have achieved stipulated targets relating to its on-revenue water (NRW)-reduction programme in Kingston and St. Andrew, and implementation of its new high-performance digital water meters, among other things.

 

Release: JIS

 

 

Continue Reading

Bahamas News

Mother’s Pride Headlines Bahamian Takeover at Sixers-Heat Clash in Miami

Published

on

The Bahamas, March 30, 2026 – The voice of a proud mother captured the spirit of a nation Monday night, as Bendra Rolle shared heartfelt reflections on the overwhelming Bahamian support for her son, VJ Edgecombe, during the Philadelphia 76ers matchup against the Miami Heat in Miami.

“The patriotic support and scenery at my son, VJ Edgecombe’s NBA game… was overwhelming,” Rolle said in a statement issued following the game. “The arena in Miami was lit. Bimini and the Bahamas showed up and showed out.”

Her words come amid what has already been widely described as a remarkable showing of national pride, with Bahamians traveling in large numbers to South Florida to witness the young guard’s continued rise. For Rolle, however, the moment extended far beyond basketball.

“Beyond VJ’s basketball talents, I’m so moved by his magnetic personality and personal journey to inspire and excite an entire nation—our beloved Bahamas,” she said. “I thank God for VJ’s humility and for his hunger for greatness. He never forgets how far God has brought us.”

While the Sixers did not secure the win on the night, Edgecombe delivered a solid individual performance, finishing with 13 points and five assists. He made an early impact on the game, showing confidence and poise before foul trouble disrupted his rhythm, but still managed to leave his mark in meaningful minutes.

The game itself evolved into a cultural showcase, with Bahamian flags waving throughout the arena and chants ringing out in support of Edgecombe. Much of that presence was bolstered by a coordinated travel push from Bahamasair, which helped facilitate fan travel and added to the electric atmosphere in Miami.

Rolle said the emotional weight of the moment was deeply felt by her family, as they witnessed firsthand the unity and pride of the Bahamian people.

“Thanks and love for the tears and overwhelming joy on Monday, Bahamas,” she expressed. “The Bahamian flags were love, loud, and proud. On my own behalf, VJ, and the entire family, I am ever grateful for the indescribable experience.”

Her closing words underscored what many have described as the true victory of the night—not the final score, but the powerful display of national pride and support surrounding one of The Bahamas’ rising stars.

Continue Reading

Bahamas News

Bahamasair Backs Surge as Bahamians Flood South Florida for V.J. Edgecombe Showdown  

Published

on

PHOTO BY SIXERS NATION

 

Bahamian pride is already on full display in South Florida, with fans arriving in strong numbers ahead of tonight’s highly anticipated NBA matchup featuring VJ Edgecombe and the Philadelphia 76ers.

Helping to power that movement was Bahamasair, which rolled out a strategic promotion to facilitate travel, turning the game into a full-scale national showing.

And the celebration started early.

A “Bahamas Invades Florida” pre-party over the weekend set the tone, with Bahamian fans, DJs and supporters converging in Fort Lauderdale to build momentum ahead of the game.  The event, marketed as a major cultural gathering, has spilled into Miami, where a strong Bahamian presence is expected inside the arena tonight.

This is no ordinary road game.

The Sixers enter the matchup healthy and are favoured to win, adding to the anticipation surrounding what many expect to be a standout performance by the Biminite guard.

Edgecombe, the third overall pick in the 2025 NBA Draft, has been electric in his rookie season — delivering high-scoring performances and quickly establishing himself as one of the league’s most exciting young talents.

But beyond the stats, it’s the moment that matters.

With South Florida just a short flight away, Bahamians have seized the opportunity to show up in force — flags, energy and all — transforming the game into something far bigger than basketball.

A national turnout.
A rising star.
And a night where the Bahamas is expected to be felt — from tip-off to final buzzer.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

Continue Reading

Bahamas News

Bahamas Warns Travellers as UN says Middle East Conflict May No Longer Be Contained

Published

on

The Bahamas, March 18, 2026 – Twenty days into the latest Middle East escalation, the United Nations is warning the conflict is spreading beyond its original battlefield, as the death toll rises and governments around the world issue urgent travel advisories — including The Bahamas.

In a March 17 statement, the UN Secretary-General’s office said the war must stop and called for all Security Council resolutions to be respected, noting with concern that countries in the Gulf continue to be targeted, raising fears of a wider regional confrontation.

The current round of fighting began February 28 with strikes involving the United States, Israel and Iranian-linked forces, followed by missile and drone attacks across Iraq, Lebanon and parts of the Gulf.

International monitors report more than 1,300 people killed in Iran alone, with additional casualties reported in Lebanon, Israel and Gulf states. U.S. officials confirm at least 13 American service members have died since the escalation began, while reports indicate additional senior Iranian military leaders were killed in recent strikes.

Despite the growing violence, several NATO countries including the United Kingdom, France and Germany have not joined offensive operations, instead calling for diplomacy to prevent the conflict from widening.

The Bahamas Ministry of Foreign Affairs has also issued a travel advisory, warning Bahamian nationals to avoid travel to Israel, Palestine, Iran and Lebanon and to reconsider travel across much of the Gulf region due to the risk of sudden escalation, flight disruptions and security threats.

Officials say Bahamians already in the region should remain vigilant and be prepared for rapidly changing conditions.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

Continue Reading

FIND US ON FACEBOOK

TRENDING