Nassau Bahamas, 18 September 2023- The Finance in Common Summit recently held in Colombia gathered national development banks (NDBs), including The Bahamas Development Bank (BDB), and emphasized the major role they play as a link between international and domestic finance related to project development financing and micro, small and medium enterprises (MSME) lending.

The event noted that $4-5 trillion is needed annually for the sustainable development goals (SDGs) to be accomplished globally, private finance will be key to sustainable, inclusive development and NBDs can lead in de-risking and structuring opportunities that are attractive to private financiers. It also stressed that the global focus on SDGs related to factors such as inclusion, climate and gender must consider the unique needs of small island developing states (SIDS) such as The Bahamas.

The Bahamas Development Bank’s Manager of Strategic Development and Initiatives, Sumayyah Cargill, was invited to speak on a panel organized by the European Investment Climate Reform Facility at the summit alongside representatives from Belize, South Africa, and France. President of the Caribbean Development Bank, Hyginus Leon, delivered the keynote address. During Ms. Cargill’s presentation on the impact of technical assistance, she underscored the importance of a strong NDB to progress national economic and social goals.

BDB has positioned itself as the bridge to channel international funding to meet national needs. The bank’s steady growth has resulted in the implementation of necessary structures and increased its capacity to engage with international funders and lead in both packaging projects and bundling smaller projects to attract private financing.

Ms. Cargill said, “SIDS have unique vulnerabilities. We are tasked with building resiliency for the increasingly devastating impacts of climate change while also trying to lift the standards of living for our people. These challenges can be transformed into opportunities with the right investments. However, weak project implementation capacity and a deficit in bankable projects are holding back growth. A well-functioning development bank is a robust mechanism to execute policy driven projects and channel financing to sustainable development. BDB is rising to that challenge with the support of the international community. In the last four years, we have created new policies and programs, integrated the SDGs into operations and have committed to climate and gender equitable financing. We are confident that we have laid a foundation that will see us become a regional leader in innovative, sustainable financing.”

BDB’s improved structuring and increased capacity has been supported by partners such as the Caribbean Development Bank, Green Climate Funds’ readiness program, United Nations Women and Investment Climate Reform Facility.

Highlighting the bank’s recent unveiling of international financing opportunities for creatives, Ms. Cargill added, “long term relationships with multilaterals can have rebounding impact. From our experience, there is a direct line between technical assistance from multilateral to real opportunities for entrepreneurs.

“BDB has far to go but already has a lot to share in many areas. We recognize how important it is for us to not just act as a channel for funding but for mainstreaming SDGs, climate, and gender equitable principles into the wider economy.  As a NDB, we are learning to lead in transmitting the values set at the international level because we are that critical bridge.”

BDB is seeking accreditation as the first national direct access entity for the Green Climate Fund, is the national coordinating authority for Build Bank Better, a joint SDG fund project, is a member of the National Climate Change Committee, and was elected to chair the SDG Technical Committee for Economic Prosperity in the Office of the Prime Minister.

Ms. Cargill underscored, “Well-executed technical assistance is a major driver of BDB’s growth. Likewise, partnerships are core to who we are and we remain open to collaborating on solutions to the challenges we face, and to do mutually-beneficial business. Strengthening The Bahamas Development Bank strengthens The Bahamas.”

Photo Caption

 The Bahamas Development Bank’s (BDB) Manager of Strategic Development and Initiatives, Sumayyah Cargill, stands third from left. Ms. Cargill was invited to speak on a panel organized by the European Investment Climate Reform Facility at the 4^th edition of the Finance in Common Summit.

Dana Malcolm

Staff Writer

#TurksandCaicos, September 24, 2023 – The Grand Turk Cruise Port isn’t closed to other major cruise companies according to Carnival Cruise representatives.

The revelation came in a recent town hall meeting held in Grand Turk, with residents, the Government and Carnival officials.

An attendee of the meeting told our news team.

“Contrary to what many residents believe, management advised that Carnival cruise port in Grand Turk is open to all cruise ships on days the berth is available.  At any time, other ships can tender in their guests.  On what terms, is questionable.  No further details were provided on this agreement.”

The Turks and Caicos, as a cruising destination, differs from its neighbors like Jamaica and The Bahamas in that only one major cruise line services the country’s port, courtesy of an exclusivity clause in the Carnival Agreement.

Though Carnival Cruises brings in a significant number of visitors each year (forecast to return to pre-pandemic levels of over 1 million in 2024), residents have queried why other cruise lines aren’t also berthing at the recently extended port.

Not only would the introduction of more cruise lines increase the number of visitors to the Turks and Caicos, but it could also help with filling the empty stretches between ships docking in Grand Turk, giving vendors a more reliable source of income.

The Government had previously indicated a willingness to attract additional Cruise Lines to the capital and was in talks with Carnival Cruise Line about the exclusivity clause on Grand Turk.  Washington Misick, TCI Premier, had indicated that negotiations had begun with Royal Caribbean Cruise Line.

The company now has a detailed breakdown of what to do in Grand Turk on its website from local cuisine to shopping, but the write-up ends with ‘no sailings available.’

We reached out to Josephine Connolly, Minister of Tourism, to find out exactly how those negotiations were progressing.  There has been no reply.

Dana Malcolm 

Staff Writer 

#TurksandCaicos, September 24, 2023 – Another new aircraft has been added to the InterCaribbean Airways fleet and it’s already in the air. The Bombardier CRJ 700 series aircraft, which seats 70 passengers is one of the company’s larger aircraft and comes after the acquisition of a 68-seater ATR 72-500 in August.

The company says the twin-engine jet aircraft is outfitted with an onboard bathroom and two flight attendants and will ‘provide new opportunities for expanding air service in the region.’

The Turks and Caicos based airline company has faced harsh criticism from its various destinations for delays, cancellations and poor communication with government ministers calling for improved service.

In July, Chairman Lyndon Gardiner reported on additions to the fleet and asked for patience as he and his team enhanced the interCaribbean Airways travel experience.

“In June of this year, interCaribbean Airways added an additional seven ATR-42’s to their fleet. These new, larger aircraft are beginning to transition into service over the next weeks and months. Additionally, the company is implementing a robust backend communication system to enhance passenger notifications and proactively inform travelers when their flights are delayed or cancelled,” he had said.

This newest announcement about the Bombardier got mixed reactions, when shared on Facebook.  They ranged from congratulations to cautious hope.

“So, is the running late and abandoning people resolved as well????” one commenter asked.

“With all these updates and upgrades, I hope we won’t be canceling and stranded on islands,” said another.

“Excellent interCaribbean Airways. I believe in you despite all the mishaps…YOU CAN DO THIS!” a commenter expressed.

Another commenter said “20 additional seats, great move.”

The aircraft arrived in Providenciales, on Sunday 17th, and was immediately shuffled into the roster with its first flight on Monday, September 18th.