Bahamas News
BAHAMAS: PM Urges Credit Unions to Empower the Poor
#Atlantis, July 31, 2019 – Paradise Island, The Bahamas – Commending credit unions on tremendous growth over the years, Prime Minister, the Most Hon. Dr. Hubert Minnis urged the organization to put the demands of the poor at the forefront.
He was addressing the World Council of Credit Unions and Caribbean Confederation of Credit Unions Conference at Atlantis Ballroom, Paradise Island on Sunday, July 28, 2019.
The Prime Minister said he was pleased that the organizations have chosen, once again, The Bahamas to stage their joint conferences, which attracted over 2,300 delegates from approximately 60 countries.
In his keynote address, the Prime Minister underscored the importance of credit unions in developing countries, and encouraged far-reaching solutions to the challenges facing the poor and underprivileged.
He advised that careful attention must be paid to the increasing regulatory requirements associated with credit union operations, including: fiscal responsibility, anti-money laundering and countering terrorist financing.
“Of urgency is the grave and existential threat posed by a heating climate, which will have devastating consequences on the poorest in our countries.
“No matter the topics you discuss, may you always put at the forefront the demands of social justice and human dignity, including the needs of the disadvantaged and the poor.
“Further, the fight for universal equality, especially for women and ethnic and other minorities are also the cause of those who love justice and who promote peace,” the Prime Minister said.
The worldwide credit union movement is seen as a formidable force with approximately 89,000 credit unions in 117 Countries across six continents. Additionally, the movement boasts 260 million members and approximately two trillion dollars in assets.
“I note that the hosts of this conference, the World Council of Credit Unions and the Caribbean Confederation of Credit Unions are partners in various development projects,” the Prime Minister said
“Indeed, in addition to providing technical and advocacy services, the World Council of Credit Unions is involved in a variety of development programs in less-developed communities,” the Prime Minister said.
He referenced the mission of the regional host, the Caribbean Confederation of Credit Unions that “seeks to strengthen, unite and promote sustainable growth and development for co-operatives in the Caribbean, as a vehicle for socio-economic development.”
Statistics show that as at December 2018, the regional CU Sector comprised an estimated 289 credit unions, serving approximately 2.6 million members, with estimates of US$6.2 billion in savings, US$4.9 billion in loans, US$733 million in reserves and, US$7.6 billion in assets.
Given this potential, especially among smaller-sized countries, the Prime Minister observed that credit unions can play an outsized role in national development, especially in rural and less developed areas globally and throughout the Caribbean.
“This includes areas like some of our Family Island communities, which are less developed than urban centers such as New Providence and Freeport,” he said.
The Prime Minister outlined to visitors the archipelagic make-up of The Bahamas with over 700 islands, thousands of cays, a land area of approximately 5,382 square miles and approximately 2,200 miles of coastline.
And, while most Caribbean countries are a single land mass or have a few islands, The Bahamas is a far-flung island-chain with rising sea levels and “more intense storms which threaten economic and national survival,” he said.
The Bahamas is also challenged with having to replicate the same essentials services on many islands, he added. “Within this context, credit unions can play an essential role, especially in the many under banked communities we have in the Family Islands,” the Prime Minister said.
The Prime Minister applauded the sector for already offering services on quite a number of Family Islands.
“The local movement has impacted the lives of their members in many meaningful ways, including in: home ownership, higher education, small business development and favorable investment opportunities,” he said. “Indeed, credit unions offer some of the more competitive interest rates on savings in the country.”
The Prime Minister noted that the Teachers & Salaried Workers Co-operative Credit Union, the largest such entity in the country started with less than $100 dollars. Today, this Union has more than 17,000 members with over $214 million dollars in assets.
“We commend the credit union sector for collaborating with the Department of Co-operative Development by investing in our young people in the development of the School Co-operatives programme,” he said.
Through this programme, high school students learn about co-operative principles, financial literacy and how to develop their own small business enterprises. Such schools are C.R. Walker and the C. C. Sweeting High School Co-operatives Program.
By Lindsay Thompson
Release: BIS
Photo Caption: Prime Minister Minnis addresses the forum.
(BIS Photos/Yontalay Bowe)
Bahamas News
Get your laugh on, March On, family drama by Gea Pierre, debut this weekend in Turks and Caicos
This is the sixth edition of the relays and the fourth time that The Bahamas has hosted the event, which actually made its debut in The Bahamas in 2014.
President, World Athletics, Sabastian Coe said after three very successful editions from 2014 to 2017, the World Athletics Relays has quickly become one of the World Athletics vibrant competitions, developing a culture of fun and innovation that gives it a unique flavour.
He thanked the Bahamas Government, the local World Athletics Relays Bahamas 24 committee and the Bahamian people for agreeing to host the relays. However, his main thanks were to the “world’s best sprinters” travelling from all the continents to compete in preparation for the road to Paris, France, in two months’ time.
During the opening ceremony, the athletes were given words of advice from Carl Lewis, one of only four Olympic athletes to have won nine Olympic gold medals, who is widely recognized as one of the greatest athletes of all time.
He said, “Keep it simple, do not try to do anything extra. Do what your coaches said. Leave on time, leave on time, leave on time.”
The athletes and crowds were treated to the sounds and sights of Junkanoo at the end of the opening ceremony. The Junkanoo performers stuck around for the two days of competitions, playing for the sprinters as they competed on the track.
Teams competed in the Women’s and men’s 4x100m, and the women’s men’s and mixed 4x400m. A total of 14 teams at the World Athletics Relays Bahamas 24 automatically qualified for places at the Paris 2024 Olympic Games. Both days of competition were important, as day two offered another chance for qualifications for those teams unsuccessful on day one.
Bahamians were made proud as the country set a new national record during the mixed 4x400m relays thanks to the efforts of 16-year-old Shania Adderley, a student of Tabernacle Baptist Academy.
The team came first in their heat on Sunday evening after not being able to gain a spot for the Paris Olympics on the first day of competition.
Other sprinters on the team included Alonzo Russell, as well as Olympic champions Steven Gardiner and Shaunae Miller-Uibo.
NASSAU, The Bahamas – During his remarks at the Opening Ceremony for the World Athletics Relays 2024, on May 4, Prime Minister and Minister of Finance the Hon. Philip Davis welcomed the special guests, athletes, officials, and “all lovers of athletics from around the world” to the Thomas A. Robinson National Stadium here in the “vibrant heart” of Nassau, Bahamas.
“This weekend, the world’s finest athletes gather on our shores to embark on a journey that is not only about speed and strength but also about dreams and determination,” Prime Minister Davis said. “From the serene beauty of our islands to the historic grandeur of Paris, this event marks a crucial path to the Olympic Games in Paris 2024.”
He added: “Here in The Bahamas, we are no strangers to world-class athletics or the warmth and exuberance that such international gatherings bring. It is a distinct honor to once again welcome the World Athletics Relays back to our islands. This event holds a special place in our hearts, symbolizing a bridge between nations brought together by the universal language of sport.”
Prime Minister Davis noted that that year’s theme, “Paradise to Paris,” captured the essence of that journey.
“It is here, amidst the splendor of our sun-kissed beaches and the rhythmic sway of our palms that the chase towards Olympic glory begins anew,” he stated. “We are thrilled to offer a backdrop of unparalleled beauty, where every sprint, every baton pass, and every victory lap is set against the picture-perfect canvas of our islands.”
He added: “To our athletes, I say this: as you stand on the precipice of your dreams, ready to catapult yourself into the annals of history, know that you are part of a legacy of excellence and determination. This weekend, you are not only competitors but also ambassadors of your countries and the spirit of sport. We are especially proud of Team Bahamas, who carry the weight of their performance and the hopes and pride of our nation. You embody the spirit of The Bahamian people, and we are behind you every step of the way.”
Prime Minister said that to the international visitors, he extended “the warmest Bahamian welcome”.
“Over the next few days, as you revel in the thrill of competition, take a moment to bask in the beauty of our island,” he stated. “Discover why we proudly say, “It’s Better in The Bahamas.” Whether it’s the hospitality of our people, the tranquility of our waters, or the rhythm of our culture, you are in for an experience that captures the heart and rejuvenates the soul.”
“Let us celebrate the unity and friendship that sports foster, cheering every athlete and savoring the spectacle of human potential at its best,” Prime Minister Davis added. “I hope the races are swift, the results are inspiring, and the memories are lasting.
“Welcome to The Bahamas, the paradise where champions chase their dreams to Paris. As your host, it is my immense pleasure to declare the World Athletics Relays Bahamas 2024 officially open. Let the games begin.”
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