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Agreement signed with IDB to unlock $1.3 Million for Small Businesses in The Bahamas

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A technical cooperation agreement was signed that will unlock $1.3 million in resources from the Inter-American Development Bank system to expand the work and reach of the Small Business Development Centre (SBDC) at the IDB’s Bahamas Office, Wednesday, January 22, 2020.

#NASSAU, Bahamas – January 26, 2020 – Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest said one of the best parts of his job is having the ability to direct resources to aspiring Bahamian entrepreneurs to help them fulfill their creative dreams.

“So today is a special day. We are signing a technical cooperation agreement that will unlock $1.3 million in resources from the Inter-American Development Bank system to expand the work and reach of the Small Business Development Centre (SBDC),” DPM Turnquest explained during the assignment ceremony at the IDB’s Bahamas Office, Wednesday, January 22, 2020.

He added, “On behalf of the government I am pleased to say that the ‘Accelerate Bahamas’ Project is another fulfilment of our promise to stimulate the entrepreneurial ecosystem in The Bahamas, and support the development, growth and dynamism of Bahamian micro, small and medium sized enterprises (MSMEs).

“Personally, it is an absolute privilege to be in this position, as I have always had a fondness for entrepreneurs. Their passion, enthusiasm and dogged determination is inspiring and infectious.”

The DPM noted that to the broader economic impact, however, it has been well documented and demonstrated that small business is the engine of the economy and backbone of the private sector.  In The Bahamas, there are close to 23,000 business licenses issued and it is estimated that MSMEs consist of 98 per cent of them. They hire 47 per cent of all employees, while contributing between 20 percent to 30 percent of the Gross Domestic Product.


Signing the contracts for the agreements were Executive Director, SBDC, Davinia Grant (seated centre) and the IDB Country Representative, Daniela Carrera Marquis (seated at right).  Also pictured seated is Private Sector Consultant & Complete Caribbean Liaison, Mikia Carter.  Standing from left: Chief Executive Officer, Bahamas Chamber of Commerce and Employers’ Confederation, Jeffrey Beckles; Chairman, Bahamas Chamber of Commerce and Employers’ Confederation, Khrystle L. Rutherford- Ferguson; Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest; Chairman, SBDC, Geoffrey Andrews; and President, University of The Bahamas, Dr. Rodney Smith.  (BIS Photos/Kent Minnis)   

The DPM stated that foreign direct investment alone cannot power a sustainable economy. “Sustained economic growth must be driven by Bahamian investment and creativity in tandem with strategic foreign direct investment.  This goes to the heart of why the Minnis administration has been so adamant about stimulating Bahamian ownership. MSMEs create jobs, they build wealth and they grow the economy.”

He explained that the SBDC sits at the centre of the government’s investment plan for entrepreneurs. Our investment in the Access Accelerator represents the largest single allocation of investment funds for Bahamian entrepreneurs that has ever been made by the Government of The Bahamas.

DPM Turnquest noted that prior to the streamlining of efforts through the SBDC, the entrepreneurial ecosystem in The Bahamas for supporting the development of MSMEs and start-ups was fragmented. There was insufficient access to training programs and business advisory services and, even more, insufficient access to capital.

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“I am proud to say that the directors, management and staff of the SBDC have been tremendous stewards of their public charge. Their impact is being felt by hundreds and hundreds of Bahamians who have benefited from training, mentorship and other forms of ongoing business support, including, most importantly, access to badly needed capital.”

Signing the contracts for the agreements were the IDB Country Representative, Daniela Carrera Marquis and Executive Director, SBDC, Davinia Grant.

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Pacesetting Cohort of Eleuthera Residents Graduate from Leading Light Programme

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Office of University Relations

22nd April 2024

Eleuthera, THE BAHAMAS – A pioneering cohort of 43 Eleuthera residents graduated from the University of The Bahamas’ (UB’s) free Leading Light Programme, sponsored by Disney Cruise Line (DCL) on Friday 19th April, 2024.

The programme, launched in February 2024 and delivered through UB’s Continuing Education and Lifelong Learning (CeLEARN), offers a series of courses to ensure Eleuthera has a proficient workforce capable of delivering unparalleled hospitality leadership as the island experiences a sharp growth in tourism arrivals. The graduation ceremony was held at the Eleuthera Chamber of Commerce Business Hub in Rock Sound, Eleuthera.

The courses focused on tourism and hospitality skills, leadership development and effective communication. They were taught by UB faculty and included guest lecturers such as former Director General of Tourism, Minister of Tourism and Secretary General of the Caribbean Tourism Organization Vincent Vanderpool Wallace and veteran hospitality professor Dr. Lincoln Marshall.

“This programme represents the mission-driven collaboration and skills-building that University of The Bahamas is committed to fostering, supported by an important industry partner like Disney Cruise Line,” noted UB President (Acting) Janyne Hodder. “Given the importance of the tourism industry to our nation, we know how vital it is that we continually equip our workforce with diverse expertise to uphold our reputation for excellence in hospitality. We are grateful for this collaboration with Disney Cruise Line which has facilitated programme delivery in Eleuthera, enabling UB to broaden access to much sought-after professional development.”

As training and skills development programming grows across the island of Eleuthera, the Leading Light Programme experience was tailored to be free of charge, accessible and conclude with participants earning a UB certification that signals the high standard of education for which the University is recognized. Students came from all walks of life and traveled from as far away as Hatchet Bay in the North, and Bannerman Town in the South to Rock Sound for classes. Programme participants also received a stipend to defray the cost of commuting and other personal expenses.

Nora Smith, a manager at the picturesque Jack’s Bay Club, yearned to increase her skills.

“I would recommend this programme to anyone because The Bahamas is known as a tourism destination. Taking this course in tourism and hospitality, can help me to go far in dealing with tourists daily in my workplace,” she said.

Graduate Javonne Richards appreciated the comprehensive curriculum and the ease of access to the courses that were offered.

“This programme not only fills a gap in our Eleuthera education offerings, but also equips participants with the tools and knowledge needed to thrive in dynamic work environments,” he noted.

Director General of Tourism Mrs. Latia Duncombe, who delivered the keynote address at the graduation ceremony, shared three essential qualities for successful tourism professionals: energy, creativity and a welcoming personality.

“Your fresh perspectives and innovative ideas are invaluable to creating unique, unforgettable customer experiences,” said Mrs. Duncombe. “While technology such as Artificial Intelligence, also have a role to play, human interaction remains essential.”

Minister of Works and Family Island Affairs and Member of Parliament for Central and South Eleuthera the Honourable Clay Sweeting commended the partnership that is supporting community growth.

“I am proud of every Eleutheran who came from near and far to take advantage of this opportunity,” said Minister Sweeting. “As Eleuthera’s economy continues to grow, especially in Central and South Eleuthera, I encourage more corporate partners to invest in the local community in innovative ways, like the University of The Bahamas and Disney Cruise Line have, so that we can continue to strengthen our local communities.”

Two additional cohorts will be offered this year, increasing the pipeline of Eleutherans who are optimally skilled as hospitality and tourism ambassadors.  Registration for the summer programme will open on May 17 and the second cycle of courses begins June 17, 2024.  Fall programme dates are September 23 through November 29, 2024. To learn more about the Leading Light Programme and how to enroll, please email atynes@eleutherahambercommerce.com.

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Royal Caribbean to open Royal Beach Club on Paradise Island in 2025

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FOR IMMEDIATE RELEASE

April 24, 2024

By LINDSAY THOMPSON

Bahamas Information Services

NASSAU, The Bahamas – The Government entered into a Heads of Agreement with Royal Caribbean International, followed by a Ground Breaking Ceremony for the construction of Royal Beach Club on Paradise Island, at an estimated $165 million.

The agreement was signed on Monday, April 22, 2024 during a press conference at the Office of the Prime Minister.

According to Deputy Prime Minister and Minister of Tourism, Investments and Aviation the Hon. Chester Cooper, the project will further enhance the tourism product, on the heels of an estimated 9 million visitor arrivals.

He deemed it “an eventful day” with a reliable partner in RCI of more than 50 years with The Bahamas, and the continued confidence that investors have in the tourism product and economy.

He said it is a partnership with “excellence experiences” as he delighted in the fact that there will be more for the 25,000 cruise ship guests in port.

Also on hand for the activities to seal the agreement were Prime Minister and Minister of Finance the Hon. Philip Davis; Minister of Health and Wellness, the Hon. Dr. Michael Darville; Minister of Energy and Transport, the Hon. JoBeth Coleby-Davis; Attorney General and Minister of Legal Affairs, Senator the Hon. Ryan Pinder; Director of Investments Phylicia Woods-Hanna; executives of Royal Caribbean International and Royal Caribbean Group, and other officials.

“With the signing of this Heads of Agreement for the development of the Royal Beach Club on Paradise Island, we embark on a $165 million project to further enhance the vitality of our tourism product,” the prime minister said.

Spearheaded by RBC Paradise Island Ltd. and PDI Paradise Ltd., subsidiaries of Royal Caribbean Cruises Ltd., the project will galvanize entertainment and recreational offerings for Bahamians and visitors alike.

The master plan for the Royal Beach Club includes pools, cabanas, and Bahamian boutiques, offering an unparalleled on-shore experience for visitors.

“This development will prove to be a monumental step forward for Bahamian inclusion in major tourism projects that will serve as a model for others to emulate,” the prime minister said.

The prime minister then underscored the importance of what the project would mean for Bahamians in the broader scope of things.

An estimated 200 jobs will be created for Bahamians. However, an opportunity is being provided for shared ownership in this development.

It is anticipated that PDI Paradise Ltd. will hold at least 51% of the shares in the Royal Beach Club, with the remaining 49 % shares being allocated to the National Investment Fund for the benefit of Bahamians.

“Through this partnership, we will provide new employment and economic opportunities for this nation. Local businesses will see their share of opportunities as well. There will be Bahamian boutiques creating avenues for small business ownership,” the prime minister said.

The project will also encompass a joint venture with a Bahamian-owned entity for the operation of a water taxi business; it will provide transportation options for guests of the Royal Beach Club, as well as other attractions in Nassau Harbour – enhancing accessibility while creating additional avenues for economic growth within the community.

“Ultimately, this project will largely be run by Bahamians, owned by the Bahamian people, and supported by Bahamian businesses.

“When we talk about the need to ensure that major tourism projects are primarily for the benefit of the Bahamian people, these are the kinds of opportunities that we are talking about,” the prime minister said.

He observed that the Royal Beach Club represents the latest successful chapter in the story of Paradise Island’s growth as a tourism mecca. Initial negotiations for the project began under the previous administration. Royal Club Beach is expected to open in 2025.

“By signing today’s agreement, we add another world-class experience to our tourism offerings. And even more importantly, we take a bold step toward greater Bahamian empowerment in the tourism industry. This is our nation, and we must ensure that, first and foremost, our service industries serve us,” the prime minister said.

He concluded, “We are more optimistic than ever before about our economic prospects with tourism leading the way as our number one industry that continues to grow at a record-breaking pace.

At the ground breaking site just west of the Atlantis Resort, officials tilled the soil, marking the beginning of the construction process.

Jason Liberty, president, and CEO of Royal Caribbean Group said that events regarding the agreement “symbolize partnership, momentum, and continued economic development for so many Bahamian entrepreneurs and the entire community.

“We are grateful to our partners for their support, especially the Bahamian government, who stand with us here today in celebration of what is to come.”

 

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Sister Province/Island Relationship Agreement Signed between Grand Bahama Island and Hunan Province

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By LLONELLA GILBERT
Bahamas Information Services


NASSAU, The Bahamas — A significant milestone was made in the development of bilateral relations between the Governments of The Bahamas and the People’s Republic of China by the signing of the Sister Province/Island Relationship Agreement between Grand Bahama Island and Hunan Province.

The signing took place at the Ministry of Foreign Affairs on Tuesday, April 23, 2024.  The Hon. Ginger Moxey, Minister for Grand Bahama; the Hon. Dr. Michael Darville, Minister of Health and Wellness; Kingsley Smith, Parliamentary Secretary in the Ministry for Grand Bahama and Joel Lewis, Permanent Secretary in the Ministry for Grand Bahama represented The Bahamas at the signing.

His Excellency Mao Weiming, Governor of Hunan Provincial People’s Government; Qu Hai, Secretary General of Hunan Provincial People’s Government; Cui Wei, Charge d’Affaires, Embassy of the People’s Republic of China; and Yang Peiran, Interpreter represented the People’s Republic of China.

Minister Moxey explained that in February 2022, she and the former Chinese Ambassador to The Bahamas, Her Excellency Dai Qingli began discussion on the establishment of a province-island relationship between Hunan Province and Grand Bahama Island because of their “immense synergy”.

“Hunan has a vibrant creative industry and its capital city, Changsha is known as the entertainment capital of China, whilst Grand Bahama is poised to become the home of entertainment in ‘Our Bluepoint for Change’.”

She said Hunan Province boasts 11 industrial sectors and Grand Bahama is the industrial capital of The Bahamas.  Further, innovation driven development has been a new driving force for Hunan, while Grand Bahama is poised to become the home of innovation for The Bahamas.

Minister Moxey said she is confident that an exchange of knowledge, ideas and culture will happen between the residents of Hunan Province and Grand Bahama.

“There is potential for robust trade in various sectors, opportunities for tourism promotion and intercultural appreciation, exchanges to support performing arts programs on our island, foster growth within the Orange Economy, and tap into China’s innovation, technology and vast expertise.”

She said that the formal signing aligns with the mission of Sister Cities International, which is to promote peace through mutual respect, understanding and cooperation, one community at a time.

The Minister said, “Through collaborative programs and initiatives, this connection will support the government’s vision to diversity Grand Bahama’s economy to become the Home of Maritime and Logistics, Home of Events and Entertainment and Home of Innovation.”

She noted that in addition to signing the agreement, she looks forward to Grand Bahama residents benefitting from the signing of the Cooperation Memorandum of Understanding between Central South University and University of The Bahamas (UB), which will expand educational and technical cooperation between the two universities.  The northern campus of UB is located in Grand Bahama.

His Excellency Mao Weiming said although geographically far apart, China and The Bahamas are friends with mutual respect and understanding as well as sincerity.

He explained that 27 years ago, both countries established diplomatic relations and China and The Bahamas have deepened their cooperation, strengthened their friendship and carried out many activities in the field of economy, trade and people-to-people exchange.

His Excellency recalled that in August 2022, he and Prime Minister and the Minister of Finance the Hon. Philip Davis had a video conference where they both reached a consensus to cooperate in order to usher a new chapter in the relationship between Hunan and The Bahamas.

“Today, we are here to sign a sister-to-sister relationship between Hunan and Grand Bahama.  It is [a] concrete move to implement our consensus reached before and also to embark on a new journey of friendly exchanges.”

He added, “By establishing the relationship of sister cities, I believe the two sides will develop further in terms of economic and trade cooperation, people to people exchange, as well as friendship, and we will embrace new opportunities and deliver concrete benefits for the two peoples.”

He explained that Hunan, which is the home town of Chairman Mao, the founder of the People’s Republic of China, has developed very advanced industries of manufacturing, agriculture, education, culture as well as tourism.

His Excellency said he believes that Hunan and Grand Bahama enjoy very broad room for cooperation.

He said, “More efforts should be made to conduct cooperation in the fields of agriculture, tourism, culture, education and the film industry so as to realize a connectivity between our two sides in terms of logistics and the platform cooperation; so as to deliver concrete benefits for the people and to make our due contribution to the bilateral relationship between China and The Bahamas.”

 

PHOTO CAPTION

A significant milestone was made in the development of bilateral relations between the Governments of The Bahamas and the People’s Republic of China by the signing of the Sister Province/Island Relationship Agreement between Grand Bahama Island and Hunan Province.  The signing took place at the Ministry of Foreign Affairs on Tuesday, April 23, 2024.  Shown from left: Qu Hai, Secretary General of Hunan Provincial People’s Government; Cui Wei, Charge d’Affaires, Embassy of the People’s Republic of China; Yang Peiran, Interpreter H.E. Mao Weiming, Governor of Hunan Provincial People’s Government; the Hon. Ginger Moxey, Minister for Grand Bahama; the Hon. Dr. Michael Darville, Minister of Health and Wellness; Kingsley Smith, Parliamentary Secretary in the Ministry for Grand Bahama and Joel Lewis, Permanent Secretary in the Ministry for Grand Bahama.

(BIS Photos/Anthon Thompson)

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