Bahamas News
Agreement signed with IDB to unlock $1.3 Million for Small Businesses in The Bahamas
#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.
“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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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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