Bahamas News
PM Davis speaks of ‘boundless possibilities’ and collaboration, at the Afreximbank 31st Annual Meetings
NASSAU, The Bahamas – While addressing the African Export-Import Bank (Afreximbank) 31st Annual Meetings (AAM2024), on June 13, 2024, Prime Minister and Minister of Finance the Hon. Philip Davis noted that he was reminded of the “boundless possibilities that define the Caribbean and, indeed, The Bahamas.”
“Our region is not just a collection of islands but a vibrant tapestry of culture, innovation, and opportunity,” Prime Minister Davis said, at the event held at the Baha Mar Convention Centre. “The Bahamas, with its strategic location and dynamic economy, serves as a symbol of possibility and a gateway to broader economic horizons.”
He added: “Growing up on Cat Island, one of our country’s beautiful family of islands, I was always filled with big dreams for my country. I may not have envisioned the specific paths our economy would take, but I always believed in the limitless potential of our nation. Our history is one of invention, disruption, resilience, and innovation. We have pioneered in various fields, from tourism to
financial services, transforming challenges into opportunities and showcasing our ability to innovate and lead.”
Prime Minister Davis pointed out that, just as The Bahamas had embraced its unique position to become a global leader in tourism and financial services, so too can they, as a collective of African and Caribbean nations, harness “our potential to shape our own economic destiny.”
“Today, our presence here underscores the readiness of The Bahamas, and indeed the Caribbean, to be a home for global leaders in various sectors,” he noted. “The Bahamas has always been more than just a tropical paradise. It is a place of possibility, where dreams are not just dreamt but realized. This ethos is reflected in our history and in the transformative innovations we continue to champion.”
“In a similar vein, Africa is a land of immense potential, brimming with opportunities for growth and development,” Prime Minister Davis noted. “Our collective mission is to harness this potential, creating pathways to prosperity that benefit not just our regions but the global community.”
Prime Minister Davis went further to outline “a blueprint for collaboration that we all can embrace.”
“This blueprint encompasses key initiatives designed to unite our banking systems, enhance financial inclusivity, and catalyze economic growth across Africa and the Caribbean,” he said. “This strategic plan is anchored in our shared desire for prosperity and our commitment to overcoming the challenges of distance and disparate regulatory environments.”
Prime Minister Davis added: “Establishing a Joint Financial Task Force can be the cornerstone of our blueprint. This collaborative body will harness the expertise of banking and finance leaders, policymakers, and stakeholders from both regions. Tasked with identifying and dismantling barriers to banking integration, this task force symbolizes our collective will to forge a unified path forward.”
Prime Minister Davis suggested that they could also harmonize their regulatory frameworks to address “critical hurdles” in their journey.
“By aligning our anti-money laundering (AML) standards, counter-financing of terrorism (CFT) policies, and digital currency regulations, we create a seamless environment conducive to cross-regional banking operations,” he stated. “With its robust regulatory landscape, exemplified by the DARE Act, The Bahamas is a pioneer in this endeavor, guiding our efforts towards regulatory excellence and stability.”
He added: “Additionally, promoting financial inclusion and digital banking leverages the power of technology to erase boundaries and open doors. Inspired by The Bahamas’ pioneering launch of the Sand Dollar, the world’s first central bank digital currency, this facet of the blueprint envisions a future where digital banking platforms extend financial services to every corner of our regions, ensuring that none of our citizens is left behind.”
Prime Minister Davis said that facilitating trade and investment through streamlined banking procedures and dedicated financial instruments could bolster economic exchanges between Africa and the Caribbean. By focusing on sectors of mutual interest like tourism, agriculture, renewable energy, and technology, he added, they could unlock new avenues for growth and collaboration.
“Key to this blueprint is developing human capital, underscoring the belief that our greatest asset is our people,” Prime Minister Davis said. “Joint educational initiatives and training programs will equip banking professionals with cutting-edge skills in fintech, cybersecurity, and regulatory compliance, ensuring our financial sector is robust, secure, and innovative.”
“Creating a bilateral payment system or exploring the development of a shared digital currency represents a bold step towards financial sovereignty and integration,” he added. “Such an initiative will facilitate smoother trade and investment, reduce our reliance on external currencies, and strengthen our economic bonds.
“Together, Africa and the Caribbean can embark on this transformative journey, driven by unity, innovation, and mutual respect. Let this blueprint be our guide as we strive to unlock the full potential of our regions, forging a path towards prosperity that will be remembered for generations yet to come.”
Prime Minister Davis noted that the Afreximbank annual meeting represented “a pivotal moment for all of us, especially for Small Island Developing States (SIDS).”
He said: “We face a global financial system that often locks us out, creating inequities perpetuated by the Global North. These powerful nations frequently establish one set of rules for themselves and another for developing states, undermining our progress and prosperity. It is imperative that we call out this behavior and demand an inclusive, fair model for the global financial system.”
Prime Minister Davis continued: “Our journey together – Africa and the Caribbean – supported by the visions we share and the actions we are committed to, heralds the dawn of a new era. An era where financial inclusivity fostered by innovations like the Sand Dollar and robust regulatory frameworks become the standard across our waters. An era where our joint task forces and harmonized policies pave the way for a future where trade, investment, and mutual growth flow as freely as the waters that connect us.”
He said that, as they all looked to the horizon, they should see not a barrier but a vast, uncharted ocean of potential.
“Let us decide, here and now, that the waters which separate our lands will not impede our progress but will act as the very medium through which we unite our dreams and ambitions,” Prime Minister Davis said.
He added: “Friends, I ask the question again – will we allow the separation of water to get in our way? Or will we embark together on this bold journey, proving that our spirits are stronger than the oceans, our resolve deeper than the deepest sea, and our potential boundless as the sky above? The choice is ours. Let us choose to bridge the waters, to unite our dreams, and to craft a future where Africa and the Caribbean thrive together, in prosperity and partnership. This is our moment. Let us seize it with both hands, for the sake of our present and for the countless generations to come.”
“Lastly, I hope that this annual meeting in the Bahamas is successful – and I have no doubt that it will be – and that you have time to kick off your shoes, get your feet wet in our sands, get some sand in your toes, enjoy the warmth of our people, and discover why it is better in The Bahamas,” Prime Minister Davis said.
“The moment is now. Let us seize the moment.”
PHOTO CAPTION
Prime Minister and Minister of Finance the Hon. Philip Davis addresses the African Export-Import Bank (Afreximbank) 31st Annual Meetings (AAM2024), on June 13, 2024, held at Baha Mar Convention Centre.
(BIS Photos/Eric Rose)
Bahamas News
Perry Institute for Marine Science Celebrates the Opening of the Bahamas Coral Gene Bank at Atlantis Paradise Island
— The nation’s first coral gene bank will preserve, propagate and replant coral to reverse devastation from rising ocean temperatures and a rapidly spreading disease –
PARADISE ISLAND, The Bahamas (June 13, 2025) — The Bahamas has launched an aggressive national conservation initiative to
address and reverse the devastating effects of warming ocean temperatures and a disease ravaging its coral reefs. The country’s first coral gene bank is operated and managed by coral experts from the Perry Institute of Marine Science. The biosecure facility opened today at Atlantis Paradise Island to house, propagate, and replant healthy coral on damaged reefs.
“Coral has become increasingly endangered over the years, but the introduction of Stony Coral Tissue Loss Disease completely changed the game and created extreme urgency to act,” said Perry Institute for Marine Science (PIMS) Executive Director Dr. Craig Dahlgren. “Transmitted among corals through direct contact and water circulation, the disease has spread to all major Bahamian islands and causes a high death rate in corals. Treatments are emerging slowly, but corals need to be rescued and isolated from the disease while these methods are perfected.”
Part of the Association of Zoos and Aquariums’ global Saving Animals from Extinction (SAFE) program, onsite management of the new bank is led by PIMS experts, including a former Bahamas Agriculture and Marine Science Institute (BAMSI) graduate and student interns from BAMSI and the University of The Bahamas, with support from marine-life experts at Atlantis.
“Our collective vision is not only to preserve coral currently under threat, but also to foster new generations of corals that, when planted, are
more resilient to disease and other dangers. Longstanding support and funding from our contributors and supporters, including Disney Conservation Fund, Atlantis Paradise Island, and Atlantis Blue Project Foundation, have been essential in making this national effort possible.”
“Our investment in the Coral Gene Bank builds on Disney’s decades-long commitment to protecting coral in The Bahamas,” said Andy Stamper, Conservation Science Manager for Disney Conservation. “This facility is a vital step toward preserving biodiversity and restoring reef health for generations to come.”
The Bahamas Coral Gene Bank can accommodate up to 200 large, mature coral colonies, in addition to smaller fragments and juvenile corals. PIMS has already rescued and relocated fifteen coral species to the biosecure Gene Bank research facility. Coral fragments collected from the ocean are placed in pristine, on-site aquaria, and once stable, they grow and reproduce quickly with the aid of innovative reproduction techniques such as lunar-cycle simulations.
PHOTO CAPTIONS:
Header: A proud moment for coral conservation: Scientists from Perry Institute for Marine Science, Atlantis, and partner organizations stand over the newly established coral gene bank at Atlantis Paradise Island, having just populated its tanks with rescued coral colonies.
1st insert: One coral at a time—This fragment of a highly susceptible coral species is now safe inside the Bahamas Coral Gene Bank. Here, it can grow and reproduce under expert care, protected from the deadly Stony Coral Tissue Loss Disease.
2nd insert: Hope in their hands: Two coral researchers at the Bahamas Coral Gene Bank share a moment of joy after placing healthy coral colonies into their new biosecure home—an act that could help restore entire reef systems.
About the Perry Institute for Marine Science (PIMS):
For more than 50 years, Perry Institute for Marine Science (PIMS) has advanced ocean stewardship around the world. Guided by our vision “Thriving Seas, Empowered Communities,” our scientists pair cutting‑edge research with hands-on conservation to protect coral reefs, mangroves, fisheries, and coastal habitats while supporting sustainable livelihoods. We collaborate with governments, NGOs, schools, and forward‑thinking businesses to turn data into action—whether restoring reefs through our Reef Rescue Network, mapping coastal ecosystems with drone and photogrammetry technology, or training the next generation of marine leaders. By discovering solutions, creating opportunities, and inspiring action, PIMS works to ensure a healthy ocean for people and the planet alike. Learn more at www.perryinstitute.org.
Bahamas News
The Government Signs Power Purchase Agreements to Help Transform Power Generation Across the Family Islands
By Llonella Gilbert
Bahamas Information Services
NASSAU, The Bahamas — During a press conference at the Office of The Prime Minister on Sunday, June 1, 2025, Prime Minister and Minister of Finance the Hon. Philip Davis announced the signing of Power Purchase Agreements (PPAs) with two Bahamian partners who will help to transform power generation across the Family Islands.
The Prime Minister said, “We have made incredible progress in such a short amount of time. When we took office in 2021, we encountered a power grid and power generation system on life support.”
He explained that Bahamas Power and Light (BPL) was drowning in over half a billion dollars of debt, plus another $100 million in
unfunded pension obligations. The Prime Minister noted that at the same time, the country’s energy infrastructure required $500 million in critical upgrades to prevent catastrophic failure. He said, “In New Providence, 60 percent of power generation equipment needed replacement, while our Family Islands were in even worse shape, with 80 percent of equipment requiring replacement within five years.
“For Bahamian families, our energy failures caused unnecessary hardship for a population that was still staggering from the effects of Hurricane Dorian, COVID-19, a deflated economy, and crippling inflation.”
The Prime Minister said the Government is committed to taking on these challenges head-on, with energy reform near the top of its list of priorities as one of the most meaningful ways to lower costs for families and local businesses.
“Ultimately, we see energy reform as a catalyst for economic empowerment and growth for all Bahamians.”
He added, “Our vision extended to every island, not just New Providence, not just the major economic and population centres, but to every island where Bahamians live, work, and raise their families.”
The Prime Minister noted that it is an ambitious undertaking requiring the Government to take on multiple Bahamian partners to deliver on its promise of widespread change.
“The PPAs we are signing today represent our unwavering commitment to keeping that promise.
“These partnerships will bring modern, reliable, affordable electricity to islands that have, for too long, endured aging infrastructure, frequent outages, and exorbitant costs.”
He explained that through these agreements, the Government will establish solar microgrids combined with advanced LNG and multigas systems across nine different areas in the Family Islands.
“This hybrid approach represents the perfect balance for our archipelago. We are harnessing our abundant sunshine while introducing cleaner fuels to ensure that our power needs are met, regardless of what the weather looks like.”
The Prime Minister said, “All of our partners are Bahamian-owned enterprises with the resources to expedite development to ensure that our people will benefit from these changes as soon as possible.
“In fact, each one of the PPAs we have signed this year will be initiated before year’s end and will be completed in 2026.”
He said among the companies the Government is partnering with is Family Island Microgrid Co., which will develop and operate new energy systems on five islands: Harbour Island, Bimini, Moore’s Island, Farmer’s Cay, Black Point and Staniel Cay in the Exumas. These communities will soon benefit from efficient multi-gas generation.
The Prime Minister said the second partnership is with RenugenPro Co. Ltd. RenugenPro who will bring an energy revolution to San Salvador, Long Island, and Cat Island, with solar, battery energy storage and LNG facilities.
“These islands, each with their own unique energy challenges, will soon enjoy reliable, affordable electricity that should be the right of every Bahamian citizen. The impact of these changes will be felt within months, not years.”
He explained that as large-scale solar and hybrid facilities spring up, Bahamians will benefit immediately from these comprehensive energy
reforms. The Prime Minister said by this time next year, Bahamians across 14 islands will experience the benefits of modern, reliable, affordable electricity. He added that by 2030, 32 per cent of the nation’s electricity needs will be met by solar power – surpassing the global target of 30 per cent.
“Finally, after years of falling behind in the adoption of renewable energy, we will lead the way using the power of the sun in this new energy era:
“No more sky-high electricity bills at the end of each month.
“No more sweating in the dark at night because of power failures and load shedding.”
The Prime Minister said, “No more appliances shorting out and food going bad because the power went off for far too long. That is the energy future we are striving for.”
(OPM Photos/Bradisha Fraser)
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