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Bahamas Development Bank to Bridge Global Funding and National Development

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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 4th edition of the Finance in Common Summit.

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MOHW Develops Digital Platform to Properly Monitor Regenerative Therapy

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By Lindsay Thompson

Bahamas Information Services

 

 

NASSAU, The Bahamas -The system for the implementation of the Longevity and Regenerative Therapies Act, 2024 was officially introduced locally and internationally on April 28, 2025.

The Minister of Health and Wellness the Hon. Dr. Michael Darville foreshadowed the move at the 2025 HEALinc Future Innovation Summit opening ceremony on Sunday, April 27, at Atlantis Resort on Paradise Island.

Referred to as LAR-TA, it is an on-line portal and digital platform designed to ensure that all approved longevity and regenerative therapies acceptable to patients in The Bahamas are properly vetted for safety and scientific merit, and that these therapies are delivered within a closely monitored ethical framework.

“The LAR-TA system has been developed to ensure that patients are properly consented, that the studies and therapies are ethically approved, meaning they have Institutional Review Board (IRB) approval that follow-up data from patients receiving cutting-edge therapies are properly tracked and regularly reviewed for safety and efficacy,” said Dr. Darville.

The new Act also establishes a Longevity and Regenerative Therapy Board that will encourage medical tourism, as well as the advancement of translational medicine locally and globally.

The board will develop the framework to attract top-tier bio-tech companies that will create jobs and other economic benefits and will ensure that stem cell therapies, gene therapies and other promising regenerative therapies accessible in The Bahamas are approved and properly monitored.

The 2025 HEALinc Global Summit ran April 27-29 under the theme: “New Opportunities in Healthy Longevity and Regenerative Medicine”.

The Summit opened with the “big picture” idea of embracing more connected perspectives on the restoration of “whole-person” health and life enhancement.

It featured more than 30 speakers who discussed topics such as precision medicine, gene therapy, and health longevity. It also explored the intersection of advanced longevity, regenerative medicine, and technology focusing on the mind-soul-spirit consciousness.

This unique convergence also highlighted the innovations and insights necessary to restore and sustain whole-person health, bridging science and spirituality to redefine the future of well-being.

The summit unites world leading scientists, innovators, thought leaders, entrepreneurs, and medical professionals with a mission to empower individuals in health management and future shaping.

HEALinc, challenges norms, fostering innovative methods and connecting patients with resources for enhanced quality of life. Its focus is on safe, efficient solutions for longevity and regeneration.

Dr. Darville thanked Bahamian Dr. Desirée Cox, CEO and Founder of  HEALinc and her team for organizing and bringing together industry leaders and scientists to the Fifth Annual HEALinc Global Summit in paradise.

“Your work embraces the spirit of collaboration and continues to reshape our understanding of ageing, wellness and recovery,” he said.

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National Energy Policy consultation tour closes this month

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By Shakara Trott
Bahamas Information Services

GRAND BAHAMA, The Bahamas — The Ministry of Energy is actively engaging Bahamians in shaping the National Energy Policy (NEP) 2025–2030, emphasizing transparency, inclusivity, and public participation. The campaign encourages citizens to contribute to policy development, with public consultations closing at the end of the month.

The NEP aims to provide safe, reliable, and affordable sustainable energy, aligning with the UN’s 2030 Agenda for Sustainable Development, particularly in areas like affordable energy, sustainable cities, and global partnerships. Key themes in the policy include access, resilience, inclusion, and sustainability.

The transportation, telecommunications, and electricity sectors are the largest energy consumers and central to national development.

The Bahamas currently relies heavily on imported fossil fuels (mainly diesel and heavy fuel oil), exposing the country to volatile global oil prices and high energy costs. The main electricity providers are Bahamas Power and Light (BPL) and Grand Bahama Power Company (GBPC).

During a recent national address on January 8, 2025, announcing the nationwide 5% VAT rate decrease, Prime Minister and Minister of Finance Philip Davis said that his Government had already started by creating the country’s first nationwide energy sector reforms.

He said: “The high cost of energy runs right throughout the economy.  Important parts of our outdated electricity grid date back to before Independence.  Some of them are so old that no one makes the parts to fix them anymore.  But we can’t build a successful economy – and Bahamians can’t build their own success stories – if we continue to be burdened by an old, outdated, system, dependent on heavy and diesel fuels.”

Prime Minister Davis added: “An unreliable system, and above all, an expensive system – you simply can’t build a 21st century economy with 20th century infrastructure.  So, we’re reforming, upgrading, modernizing.”

He noted that solar panels were going to go up, and prices were “going to come down”.

“We are partnering with Bahamian companies across our Family Islands, to meet the unique needs of each,” Prime Minister Davis pointed out.  “We are going to have New Providence’s first utility-scale solar field.  We’re integrating LNG.  We’re updating transmission lines and technology, for efficiency – which means cost-savings – for reliability, and increased resilience during storms.”

He noted that it was a huge undertaking, and it was going to make a “huge difference”.

“But the changes will take time – so while that work is happening, we’re offering relief on high monthly electricity bills with an equity rate adjustment – a tariff reduction that has already added up to significant savings for thousands of Bahamian households and businesses,” Prime Minister Davis stated.

“In the coming months and years, imagine how many more Bahamian businesses will grow and thrive, once they are not held back by high electricity costs.”

The NEP is part of a broader legal and regulatory framework, supported by:

  • The Electricity Act 2024 (regulating generation, transmission, and supply),
  • The Natural Gas Act 2024 (regulating importation, transport, and retail of natural gas),
  • The URCA Act, empowering URCA to regulate and issue licenses.

Importantly, the NEP is a policy document, not legislation, but it guides and complements existing laws.

The energy revolution is underway in The Bahamas, with the Prime Minister emphasizing that the country will no longer be held back by long-standing energy challenges. The government is committed to ensuring no island is left behind in this transformation.

As part of ongoing public engagement, the energy team are updating residents of George Town, Exuma, and Matthew Town, Inagua — with the final stop of the consultation tour being at Inagua All-Age School Hall on Friday, May 16, from 5:00 PM to 7:00 PM.

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Bahamas and CARICOM Leaders Engage U.S. on Security, Economy, and Regional Stability

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Deandrea Hamilton  (Editor)

The Bahamas, May 9, 2025 – Prime Minister Philip Davis returned from Washington, D.C. this week following high-level meetings with U.S. officials, where security, economic cooperation, and regional development topped the agenda. Accompanied by fellow CARICOM leaders, Davis met with Secretary of State Marco Rubio and U.S. Treasury Secretary Scott Bessent to discuss shared priorities and forge stronger bilateral and regional ties.

At the forefront of the discussions with Secretary Rubio was a call for enhanced security collaboration. Prime Minister Davis emphasized that The Bahamas continues to suffer from the impact of illegal firearms, most of which originate outside the country. He called for greater U.S. action to curb weapons trafficking, underlining the toll such violence is taking on Bahamian communities. In response, the U.S. pledged deeper intelligence-sharing, expanded regional cooperation, and support for programs such as the Caribbean Basin Security Initiative and Operation Bahamas Turks and Caicos (OPBAT).

Illegal migration and drug trafficking were also addressed as regional threats requiring urgent attention. Davis welcomed the shared commitment to tackle these challenges through coordinated enforcement and better regulation of cross-border movement.

The Prime Minister also brought attention to the economic vulnerabilities of small island states, specifically in relation to rising food costs, workforce shortages, and global trade dynamics. In healthcare, he raised concerns over the exodus of Bahamian nurses to higher-paying jobs abroad, straining the country’s healthcare system. Davis called for coordinated efforts between the U.S. and The Bahamas to address this brain drain, a concern that U.S. officials acknowledged, expressing openness to further dialogue and solutions.

Another pressing issue was the controversial use of Cuban medical missions. The U.S. raised concerns about forced labor, while Prime Minister Davis assured that his administration is reviewing existing agreements and remains committed to labor rights and lawful standards.

With hurricane season approaching, Secretary Rubio announced the reactivation of two disaster preparedness programs to improve early warning systems and emergency response throughout the region—initiatives welcomed by the Prime Minister as essential for climate resilience.

In his separate meeting with Treasury Secretary Scott Bessent, Prime Minister Davis pivoted to economic policy and financial services. He reiterated The Bahamas’ commitment to robust financial sector reforms, having passed key legislation and strengthened regulatory oversight. Davis argued that despite The Bahamas’ compliance with international standards, it still faces the negative effects of global blacklisting and de-risking—practices that disproportionately harm small nations with limited global influence.

He urged U.S. authorities to use their position to push for fairer applications of global financial rules, emphasizing that The Bahamas and the U.S. share the same goals of stopping illicit finance and promoting integrity. Secretary Bessent signaled a willingness to explore balanced solutions to mitigate de-risking, and recognized The Bahamas’ efforts as a credible financial partner.

The conversation also touched on digital assets, where The Bahamas has emerged as a leader in regulatory innovation. Davis noted opportunities for cross-border collaboration on supervisory technologies and digital governance. Additionally, he advocated for continued U.S. support in global financial institutions like the IMF, World Bank, and IDB, securing reaffirmation of U.S. partnership.

The longstanding U.S. naval facility AUTEC in Andros also came under discussion. While Davis acknowledged its strategic importance, he pushed for more equitable economic participation for Bahamian workers and contractors in operations related to the base. The U.S. expressed openness to advancing those conversations.

Regional stability, especially the crisis in Haiti, was another key point of concern. Davis welcomed U.S. sanctions on Haitian gang leaders but stressed that security measures alone are not enough. He called for a multi-pronged solution addressing governance and economic development. The U.S. acknowledged the urgency of the situation and indicated interest in coordinated regional action.

In reflecting on the visit, Prime Minister Davis underscored the importance of small nations like The Bahamas actively participating in international policymaking. He said it is vital for global leaders to understand the local impact of their decisions and for countries like The Bahamas to contribute to shaping fair and effective international policies.

The U.S. State Department’s official readout echoed many of the Prime Minister’s statements, reaffirming commitments to regional security, responsible infrastructure development, disaster preparedness, and holding actors accountable for labor abuses. Secretary Rubio also emphasized the importance of transparent procurement in infrastructure projects, cautioning against reliance on partners who may pose privacy and security threats, particularly referencing the Chinese Communist Party.

In summary, Prime Minister Davis’ visit to Washington marked a strategic effort to elevate The Bahamas’ voice on critical issues. With open channels for cooperation and a shared vision for regional security and economic fairness, the meetings set a foundation for deeper collaboration between The Bahamas, CARICOM, and the United States.

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