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Bahamas Development Bank Poised to Expand Products and Services

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#Nassau, October 29, 2019 – The Bahamas – The Bahamas Development Bank is presently undergoing a transformation through which it intends to expand its products and services to maximize existing powers under the Bahamas Development Bank Act, 1974.   

The Bahamas Development Bank (BDB) is making efforts to incubate emerging or struggling industries to expand the economy, create moreopportunities and ensure that natural resources will continue to provide for future generations, Managing Director Dave Smith said in his address of the annual Exuma Business Outlook on the topic, ‘Connecting Resources, Maximizing Opportunities: Transforming Exuma.’

He continued: “These kinds of transformative programs have a higher rate of success/sustainability because BDB is able to connect technical expertise, funding, and governmental support through partnerships with international agencies such as IICA (Inter-American Institute for Cooperation on Agriculture, CARDI(CaribbeanAgricultural Research and Development Institute),and various government ministries, departments and agencies such as the Ministry of Tourism and the Ministry of Agriculture and Marine Resources.”

This approach, he said, creates an environment that facilitates the “ease of getting into and/or doing business”through the bank’s favorable credit terms, coordination that reduces barriers and greater awareness of the available concessions under various encouragement Acts.

The 13th annual Exuma Business Outlook was held October 24th at Sandals Emerald Bay resort. The theme for the event was ‘Stimulating Growth: We’ve Made it our Business.’

Providing an overview, Mr. Smith said the bank’s mandate is to advance opportunities for economic empowerment for Bahamians. Established in 1974, he said unlike any other bank in this country it is a developmental finance institution, driven by profit and the responsibility to create positive externalities that support overall national development through economic investment.

During the past four decades BDB has extended credit to hundreds of entrepreneurs in various sectors such as manufacturing, fishing, services, transportation and tourism; played a significant role in building essential inter-island connections and acted as the principal funding agent for mailboat services and more.

 “This kind of facilitation translates into wealth creation, job creation, increased exports and reduced imports, thus transforming and growingour economy,” he noted.

Today, the bank continues to act as a catalyst for economic development providing loan funding for small and medium Bahamian enterprises through partnerships with the Small Business Development Center.

Mr. Smith highlighted the bank’s investment in a number of programmes and initiatives aimed at spurring economic activity across the archipelago.  He cited two examples: the Industrialization of Cascarilla in Acklins, Crooked Island and Samana Cay and an Apiary Programme in Grand Bahama where more than 30 young persons were trained in “bee keeping.”

He advised that a sustainable approach to development that includes climate resiliency for businesses and residents is more necessary since the passing of Hurricane Dorian.

“As we look to rebuild, BDB will champion opportunitiesfor Bahamians that will ultimately enhance our self-sufficiency. In the short term, we are proposing a poultry revitalization project for Grand Bahama and a small ruminant program for Long Island that will combine training, logistics, and market preparedness.  We anticipate that these pilot projects will be duplicated where appropriate,” he said.

Bonefishing tours, fishing boats and equipment, vehicles and taxis, hotels and motels are among the industries that the BDB has extended loans for in Exuma.

He said the bank is working to strengthen partnerships with impactful organizations such as the Chamber of Commerce.

As BDB transforms, Mr. Smith noted: “While our credit extension facilities have supported SME growth across the archipelago over the last four decades, we will increase our efficacy by expanding or activities to include those typically offered in our region by development financing institutions (e.g. capital leases, guarantees, equity positions) in concert with other local development institutions.”

“Further, as BDB continues to be a catalyst for economic development we recognize stakeholder collaboration and partnership, service consistency and communication to raise awareness in the areas of access and opportunity as important axioms for BDB’s success. We intend to be transparent and inclusive as we craft and communicate our progress on specific programs and policies,” he added.

Release: BIS

Photo Caption: Bahamas Development Bank Managing Director, Dave Smith.

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Caught in the Net, Not Accused of Wrongdoing

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What the Attorney General must do now to protect Bahamian exports

Deandrea Hamilton | Editor

NASSAU, Bahamas — The United States’ decision to impose a 12.5 percent tariff on Bahamian exports is about more than higher costs for seafood, rum and other goods entering the American market. It is a warning that The Bahamas must move quickly to strengthen or clarify its legal framework governing forced labour and supply-chain enforcement.

The tariff, which takes effect July 24, is part of a sweeping U.S. trade action affecting 60 economies following a review by the Office of the U.S. Trade Representative (USTR). The review concluded that the listed countries have not adequately prohibited or enforced measures against goods linked to forced labour in global supply chains.

The action follows a recent U.S. Supreme Court ruling that invalidated an earlier series of Trump-era tariffs imposed under emergency powers. In response, the Trump administration shifted to a different legal authority—Section 301 of the Trade Act of 1974—using findings from a U.S. Trade Representative investigation into forced-labour compliance to support a new round of tariffs affecting 60 economies, including The Bahamas.

Importantly, the action does not accuse Bahamian businesses of using forced labour. Instead, it reflects the U.S. view that The Bahamas’ legal or enforcement framework does not yet meet the standard Washington expects.

That distinction matters.

The Attorney General’s Office now has the responsibility to lead the country’s legal response. That begins with determining precisely what concerns the U.S. Trade Representative identified, reviewing whether Bahamian law adequately addresses those concerns and, where necessary, recommending legislative or regulatory changes. If deficiencies exist, legal amendments and stronger enforcement could help position The Bahamas for removal from the tariff list.

The government may also seek formal discussions with U.S. officials while those reforms are undertaken, outlining a clear timetable for compliance and demonstrating that the country is committed to meeting international labour standards.

A Nassau Guardian front-page report on July 24 drew attention to the tariff action, prompting broader questions about why The Bahamas was included among the 60 economies affected by the U.S. trade measure and what steps are now needed to restore full confidence in the country’s trade framework.

For many Bahamians, the immediate concern will be the fisheries sector, one of the country’s largest export industries. Commercial shipments of lobster, conch, fish, crawfish and other products entering the United States could become more expensive because of the additional tariff, potentially affecting exporters’ competitiveness.

The broader lesson is that international trade increasingly depends not only on quality products, but also on strong business relationships and confidence in the legal systems that govern them.

For The Bahamas, this is less a finding of wrongdoing than a reminder that international credibility is earned through modern laws, effective enforcement and trusted partnerships. The challenge now is for the Attorney General’s Office to lead a swift legal review, identify any deficiencies and chart a clear path toward compliance so Bahamian exporters are not burdened any longer than necessary.

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What 45 Shell Casings and New Murder Charges May Mean for Three Officers in the Azario Major Case  

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By Deandrea Hamilton | Editor

NASSAU, Bahamas (July 16, 2026) — The allegation is as shocking as it is consequential. Prosecutors now contend Azario Major was struck by additional gunfire after he was already dead.  That conclusion has prompted the Director of Public Prosecutions to upgrade the case against three police officers from manslaughter to murder ahead of a judge-only trial.

According to court filings and the DPP’s review of the forensic evidence, prosecutors allege that additional rounds entered Major’s body after death, a finding they say fundamentally changed their assessment of the case and justified the more serious charge of murder.

Investigators recovered 45 spent shell casings at the scene of the Boxing Day 2021 fatal shooting of Azario Major, a striking piece of forensic evidence that has remained central to the case from its earliest days.

Major, 31, was fatally shot by police outside Woody’s Bar on Fire Trail Road on December 26, 2021. While police initially maintained the shooting was justified, the circumstances surrounding the incident were heavily scrutinized during a Coroner’s Court inquest, where jurors ultimately returned a verdict of homicide by manslaughter.

The officers later challenged that finding, but the Supreme Court upheld the Coroner’s Court ruling, paving the way for criminal proceedings. They were subsequently arraigned on manslaughter charges and pleaded not guilty.

The DPP’s decision to elevate the charges to murder significantly raises the legal stakes. Unlike manslaughter, which does not necessarily require proof of an intent to kill, a murder conviction requires prosecutors to establish the legal elements of the more serious offence beyond a reasonable doubt. The prosecution’s case is now expected to focus heavily on forensic evidence, ballistic analysis and the sequence of gunfire during the fatal encounter.

The case is also notable because it will proceed without a jury. Barring further delays, the trial is expected to open on September 14 before Justice Guillimina Archer-Minns in a judge-alone trial, where a single judge—not a jury—will decide the fate of the three accused officers.

The proceedings will determine not only whether the three officers are guilty or innocent of murder, but whether prosecutors’ extraordinary allegation—that Azario Major was struck by additional gunfire after he was already dead—can be proven in court.

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CARICOM Targets Affordability as Bahamas, TCI Continue to Feel the Pinch  

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By Deandrea Hamilton

 

Cheaper shipping. Lower energy costs. Better access to healthcare. Stronger consumer protections.

Those are among the measures CARICOM Heads of Government believe could finally begin reducing the stubbornly high cost of living for millions of people across the Caribbean.

Meeting in Saint Lucia, regional leaders agreed that making life more affordable must become one of the Community’s highest priorities. Their emerging strategy includes reducing freight costs through a regional ferry service, accelerating renewable energy projects to lessen dependence on imported fuel, expanding regional healthcare partnerships, strengthening consumer protection, and encouraging governments to adopt successful cost-of-living measures already being implemented across the Caribbean.

“Our discussions over the past four days were guided by one central objective – ensuring that CARICOM delivers results that people can see and feel in their everyday lives,” CARICOM Chairman and Saint Lucia Prime Minister Philip J. Pierre said.

Few places may welcome that relief more than The Bahamas and the Turks and Caicos Islands.

Although inflation has moderated in both countries from the sharp increases experienced following the pandemic, the cost of living remains stubbornly high. Families continue to complain about grocery bills that stretch household budgets, rising housing costs, expensive electricity, healthcare expenses and fuel prices that remain among the highest in the region.

Governments have responded.

In The Bahamas, successive reductions in Value Added Tax on selected goods and other targeted tax measures have sought to ease pressure on consumers. In the Turks and Caicos Islands, the Government this weekend opens applications for its $500 Cost of Living Relief Programme, acknowledging that many households continue to struggle despite the country’s economic success.

Yet affordability remains elusive.

The contradiction is difficult to ignore.

The Turks and Caicos Islands continues to post one of the region’s strongest tourism-driven economies, with robust investment, record visitor spending and sustained construction activity. The Bahamas has also strengthened its economic position, earning improved sovereign credit ratings as tourism, government revenues and fiscal performance continue to recover.

Yet those encouraging economic indicators have not translated into noticeably lower household expenses.

The reason is largely structural.

Both The Bahamas and the Turks and Caicos Islands produce relatively little of what they consume. Food, fuel, medicines, vehicles, building materials and countless household essentials are imported. Both countries also record significant trade deficits, illustrating their dependence on overseas suppliers. Every increase in global shipping costs, fuel prices or supply chain disruptions is eventually reflected in supermarket prices, utility bills and the cost of everyday living.

That is why CARICOM’s agenda matters.

If regional leaders succeed in lowering freight costs through an inter-island ferry network, expanding renewable energy, improving regional cargo movement, strengthening consumer protections and making healthcare more accessible through cooperation, the benefits could extend far beyond government balance sheets.

For Bahamians and Turks and Caicos Islanders, success will not be measured by another tourism record or another credit rating upgrade. It will be measured at the supermarket checkout, on the monthly electricity bill, at the gas pump and in the simple ability to afford a better quality of life.

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