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Government enters into contractual agreement with the IDB for investment projects totalling $70 million

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#Nassau, June 18, 2018 – Bahamas – The Bahamas Government entered into a contractual arrangement with the Inter-American Development Bank (IDB) for investment projects totalling $70 million.

During the signing ceremony between the Government and the IDB at the Ministry of Finance, Thursday, June 14, 2018, Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest said during the mid-term budget review, he presented in Parliament a Resolution seeking authorisation for the Bahamas Government to enter into the contractual arrangements with the IDB.

The DPM said, “Today’s event, I note, marks the end of numerous discussions, among key stakeholders, whose contributions were vital in designing the activities or components of each project.  Moreover, this event confirms the government’s commitment to channel investment towards Family Island communities, as over the next five to six years, the country will witness the construction or rehabilitation to several Family Island airports and runways.”

He said these assets are regarded as vital points of connection to the wider Bahamas and the entire world, and therefore, planned upgrades are critical to enhancing the economic prospects of the islands.

DPM Turnquest said, in addition to upgrading airport infrastructure, civil works will also be undertaken on selected islands, to fortify traditional and re-introduce natural sea defence, so as to mitigate the negative impact of natural disasters to coastal areas.  “This work is important for the environment sustainability of The Bahamas.”

He explained that the $70 million for investment projects with the IDB are expected to address activities for the following areas:-

  • Climate Resilient Coastal Management and Infrastructure            $35 million
  • Family Island Airport Infrastructure Programme                             $35 million

The DPM said the IDB is a development institution and as a result, member countries accessing funds from the Ordinary Capital window of the institution are not subject to commercial financial terms.

“Hence, the tenor on these loans are 25 years at a variable interest rate, which is inclusive of LIBOR and currently stands at 3.25 per cent.  While this is the interest rate of choice, the Ministry of Finance, in consideration of future market conditions, has the option of converting to a fixed interest rate, if necessary.”

He said comparatively, these terms are more favourable than accessing funds from the international private sector markets, where the interest rates are recorded at 5.84 per cent with a 10-year tenor.

“These projects, I note, target infrastructure development and invariably are expected to have a positive impact on the productive sector.”

The DPM said while 80 per cent of the total loan resources or in absolute terms, $56,500,000 are allotted to civil works, some of the focal activities expected to be addressed in the projects and the corresponding financial resource include:

  • Infrastructure improvement to Airports and Runways on the islands of Exuma, Eleuthera, and Abaco –$33,000,000
  • Sustainable Coastal Protection Infrastructure to the Islands of Grand Bahama, New Providence, Long Island, and Andros – $23,500,000.

DPM Turnquest also explained that there is a link between the projects and focal sectors of the economy.

“Tourism and the Environment – both I emphasize, require constant support from government.  Our airports, I reiterate, are the main gateways for local and international transport between the islands.

“As for the Environment, this sector is regarded as an important asset, for which protective measures must be undertaken to prevent degradation. Unquestionably, failure to implement protective environmental measures would engender a negative impact on our tourism product and economic viability.”

He noted the importance of all stakeholders in providing fruitful input for the successful completion of each initiative; and also that the current economic environment, dictates the application of financial prudence in managing the resources allocated to the projects.

“In this instance, there must be constant monitoring and evaluation of actions deemed necessary to achieve outputs and outcomes for each project.”

The DPM said in addition to the investment programmes, the IDB will provide a grant totalling $500,000 to facilitate the government’s efforts to diversify the economy.  He said, “Through this grant, we will undertake diagnostic studies in three areas that have the potential of creating innovative industries in the country: these being, the digital economy, blue economy, and boutique agriculture.”

In attendance at the signing ceremony were Minister of Tourism and Aviation the Hon. Dionisio D’Aguilar; Minister of Public Works the Hon. Desmond Bannister and Minister of the Environment and Housing the Hon. Romauld Ferreira.

Representing the Bank were Alexandre Meira de Rosa, IDB Vice-President of Countries and Florencia Attademo-Hirt, IDB Country Representative.

 

By: Llonella Gilbert (BIS)

 

 

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Bahama Brass Band Invitation Sparks Heritage Debate Ahead of TCI Constitutional Holiday

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Turks and Caicos, August 20, 2026 – The planned participation of the Bahama Brass Band in the Turks and Caicos Islands’ inaugural Constitutional Holiday celebrations on August 30 has sparked public debate over culture, heritage and the historical contributions of Turks and Caicos Islanders abroad.

Organizers defended the invitation, saying the band’s inclusion is intended to highlight the deep historical ties between the two countries and honor Turks and Caicos men who helped establish and develop the institution in Grand Bahama.

According to the organizers, the Bahama Brass Band began in 1955 in Pine Ridge, Freeport, with Turks and Caicos Islanders, including the late Deacon Reuben Hall Sr. of Middle Caicos and Jenkins Williams and Mervin Hendfield of North Caicos, among those who helped build its foundation. The band eventually grew to more than 50 men.

The organizers also pointed to the participation of Turks and Caicos men in The Bahamas’ Independence celebrations on July 10, 1973, arguing that their contributions became part of Bahamian history while maintaining strong connections to their homeland.

Supporters say bringing the band home represents an opportunity to honor those pioneers, showcase their regional influence and expose younger generations to an important part of Turks and Caicos history.

However, concerns raised publicly described the invitation as potentially disrespectful to local culture and heritage. Organizers acknowledged those concerns, apologizing to anyone who felt overlooked or offended, while maintaining that no disrespect was intended.

The committee said the event should ultimately unite rather than divide, presenting the band’s history as evidence of the reach and resilience of Turks and Caicos heritage.

PHOTO CREDIT: Bahamas Brass Band

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CBC Supports Opportunities for Young Bahamian Basketball Players

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NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Dasani products, proudly sponsored the fifth annual, Caribbean Hoopfest.

The tournament brings together Bahamian high school basketball teams and visiting teams from the United States for a competitive showcase at the Kendal G. L. Isaacs Gymnasium.  Following its inaugural year at the Kendal G. L. Isaacs gym and last year’s event at Loyola Hall, the tournament returned to the Kendal G. L. Isaacs gym this year.

During the weekend tournament, CBC kept athletes well hydrated with in-kind donations of Dasani Water, Powerade and Minute Maid Juices.

During the tournament’s final day, CBC provided additional support by offering Sprite No Sugar samples and inviting attendees to participate in its Spin the Wheel for a chance to win exciting prizes.

CBC was proud to support this incredible event, which provides young Bahamian athletes with valuable exposure to U.S. basketball scouts and coaches. This opportunity gives them the chance to earn scholarships, continue their education, and pursue their basketball careers in the United States.

Event organizer, Donald Francois shared his appreciation for CBC’s support.

“I want to express our sincere appreciation for Caribbean Bottling Company, who has been a tremendous supporter and an important part of the success of our program. Without CBC’s support, Caribbean Hoop Fest would not be able to function at the level it does today. And without Caribbean Hoop Fest, we would not have been able to provide the opportunities that have helped young Bahamian athletes gain exposure and pursue educational opportunities in the United States,” he expressed.

Since the program’s inception, several Bahamian student-athletes have been selected for scholarship opportunities, highlighting the tournament’s growing impact on the development and advancement of young basketball talent in The Bahamas.

They are: Kelvin McDowells – Guard, Wodson Antoine – Power Forward, Justin Lafleur – Guard and Sean John – Guard.

After another successful edition of the tournament, Francois shared what he hopes he and Caribbean Bottling Company can achieve in the future.

“Our vision is bigger than basketball. We want to use the platform of Caribbean Hoop Fest to educate, develop, and create opportunities for young people and their families throughout the Bahamas. With individuals and organizations committed to our mission, we believe we can continue to grow the program and make an even greater impact,” Francois said.

For more details on community support, events and new products visit Caribbean Bottling Company at www.cbcbahamas.com today.

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More Bahamians Accessing HIV, STI Care Through NHI

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NASSAU, Bahamas — More Bahamians are accessing HIV and sexually transmitted infection-related healthcare through National Health Insurance, a trend the NHI Authority says should be viewed positively.

NHIA stressed in an August 6 statement that its 2025 figures measure healthcare utilisation, not newly diagnosed infections. They include beneficiaries screened, treated, monitored or receiving follow-up care, including people diagnosed previously.

“Increased utilisation of these services should be viewed as a positive development,” NHIA said.

The Authority pointed to “greater enrolment and use of NHI, improved access to screening and testing, continued treatment and monitoring of existing conditions, and increased willingness to seek medical care.”

The development comes amid a mixed three-year HIV picture. New diagnoses rose from 130 in 2023 to 156 in 2024, before declining to 142 in 2025.

NHIA said increased utilisation demonstrates that more beneficiaries are accessing needed healthcare and actively managing their health, reinforcing the importance of screening, early diagnosis and continued treatment.

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