Bahamas News

Experts Make Recommendations on Framework to Help Caribbean Access and Use Needed Climate Financing

Published

1 year ago

November 29, 2022

November 29, 2022 – If Caribbean countries are to survive the impacts of climate change, then finding ways to make the money match their needs will be of paramount importance.

“It won’t be a rainbow that gets you to the pot of gold, it will be a framework that enables us to unlock the type of financing that we need for the actions that we committed to under the Paris Agreement in terms of mitigation, adaptation and loss and damage,” was how Ambassador Jeanine Felson, Senior Advisor on Climate Matters to the Alliance of Small Island States (AOSIS) and the Caribbean Community (CARICOM), put it on Monday.

Ambassador Felson was among the regional experts speaking on Monday, November 14 at ‘Aligning Climate Finance Flows with Caribbean Countries’ Climate Resilience Needs’, a panel discussion coordinated by Caribbean institutions at COP27 to highlight the challenges of and propose solutions around climate change in the region.

The panel was coordinated by the Caribbean Development Bank (CDB), the Caribbean Community Climate Change Centre (CCCCC) and the Organisation for Eastern Caribbean States (OECS) Commission and was an official side event at the United Nations’ climate change conference, currently being held in Sharm el-Sheikh, Egypt.

Speakers highlighted aspects that needed to be considered, incorporated or strengthened in the effort to build an overall framework that would allow Caribbean countries to be able to access more climate financing and use it effectively.

CDB Director of Projects, Daniel Best, spoke of the new framework which CDB is proposing for determining access to finance by small island developing states, many of which are bedevilled by the twin dilemmas of being very climate vulnerable but also being considered middle income and hence ineligible for concessional financing.

“CDB’s framework includes three tools: the IRC of a country, which estimates the ability to recover from an exogenous shock, the Recovery Duration Adjuster, to anticipate the length of the recovery period after a shock, which is much longer for developing countries when compared with developed countries, and the Vulnerability and Resilience Assessment Tool. These calculations will then provide a more judicious means of determining access to finance for small developing states,” stated Best.

However, he stressed that financing frameworks must be improved and strengthened across the world’s development financing system, adding:

“While international financial institutions may have pledged trillions of dollars to finance building resilience against the effects of climate change, those pledges may end up meaning very little if we do not strengthen the ‘architecture of the international financial system’ to ensure that these financial resources efficiently flow to developing countries and assist in meeting their development needs and boosting growth prospects.”

Head of the Climate Policy Unit at the European Investment Bank, Edward Calthrop shared how their institution was working to do just that, noting that as the largest provider of climate finance globally, the European Investment Bank is seeking to “work with public authorities to be able to quickly develop high quality studies to make sure infrastructure is designed for the future.”

“An important element for accelerating finance is having the capacity to deal with the resilience of projects…. Not just in the Caribbean, but globally, we need to get better and quicker at developing high design standards for infrastructure,” stated Calthorp.

Ways to accommodate for the issues of size and scale were also discussed with speakers noting it was a perennial issue for the region made up as it is of small states. Trinidad and Tobago’s Minister of Planning and Development, Hon. Pennelope Beckles, suggested ways this could be addressed in building out a framework that allows countries to be able to properly implement climate resilience projects, saying:

“I think it is fair to say that attracting climate finance flows to the Caribbean is a multi-faceted issue. For flows of finance to be effective, recipients must be capable of receiving and utilising such financing. Given the unique nature of the Caribbean, it may also be necessary to create economies of scale that attract feasible investments and climate financing in order to maximise impacts. This, of course, will require coordination and collaboration by all countries of the region to create a uniformed enabling environment across the region.”

Bahamas News

Freeport Business Expo to connect Grand Bahama businesses and entrepreneurs to expert resources

Published

5 days ago

April 27, 2024

Deandrea Hamilton

Grand Bahama Port Authority, Limited

April 29, 2024 – Freeport, The Bahamas – In line with its mission to create a stronger, more connected Freeport economy, the Grand Bahama Port Authority, Limited (GBPA) is pleased to share details of the upcoming Freeport Business Expo: Tourism Edition, taking place on Thursday, May 2, 2024 at the Grand Lucayan Convention Center in Grand Bahama.

“As the GBPA continues its work to attract investors to Freeport, we offer this showcase of local and international businesses offering services and opportunities to potential and existing licensees,” stated Ian Rolle, GBPA President. “This Expo will not only connect unique international service providers with Bahamian entrepreneurs aiming to introduce new tourist attractions, but also bring together financing institutions to support Bahamian-owned start-ups and existing businesses in the industry.”

The emphasis on tourism at the 2024 Expo ensures that those in tourism-focused businesses are certain to benefit. The event will offer opportunities to meet potential business partners, gain insight on financial opportunities, engage with leaders in workshops and one-on-one sessions, and get answers on starting a Freeport business and obtaining a GBPA license.

“We regularly host community business expos,” said Glendia Sweeting, Manager of Quality Assurance and Special Projects. “But we recognize the significant benefit of an expo focused on enhancing tourism business offerings through connecting international service providers and Bahamian entrepreneurs. We have more than thirty local and national exhibitors taking part on May 2^nd, along with several international service providers.”

Multiple investment projects currently in progress and planned in the city of Freeport is creating anticipation for existing and potential entrepreneurs and this expo is geared towards preparing them for these opportunities. “Grand Bahama is going to experience a significant growth spurt in the next one to three years. I would strongly encourage everybody who wants to get involved in business to look at Grand Bahama as one of the top choices, especially over the next three years,” said Mr. Rolle.

The Expo opens on Wednesday, May 1^st with a welcome reception from 6:00 p.m. to 8:00 p.m. A full day of learning and networking opportunities follows on Thursday, May 2^nd. GBPA’s partners in the Freeport Business Expo include:

Grand Bahama Island Promotion Board
Ministry for Grand Bahama
Grand Bahama Chamber of Commerce
Ministry of Tourism
Bahamas Immigration
Bahamas Customs
Five Star Shipping Company
Viva Wyndham Fortuna
Bahamas Air
Grand Lucayan Hotel

Registration for access to the Expo’s exhibitors is free, and all-access passes are available for purchase. Event details and registration information may be found at freeportbusinessexpo.com.

Bahamas News

Pacesetting Cohort of Eleuthera Residents Graduate from Leading Light Programme

Published

5 days ago

April 26, 2024

Shanieka

Office of University Relations

22^nd 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 19^th 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.

Bahamas News

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

Published

6 days ago

April 26, 2024

Shanieka

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.”