#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.