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

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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.

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

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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.

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

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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.

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