Connect with us

Bahamas News

Bahamas Development Bank and UN Women Launch $2M Low-Interest Programme

Published

on

Nassau, Bahamas, August 19, 2024 – Micro, small, and medium enterprises (MSMEs) owned, led by, or of benefit to women, youth, and persons with disabilities will have access to 0 to 2 percent low-interest loans starting this month.

The Bahamas Development Bank (BDB) and the United Nations Entity for Gender Equality and the Empowerment of Women Multi-Country Office – Caribbean (UN Women MCO Caribbean) recently signed a partnership agreement to provide the new, dynamic concessional financing to agriculture, sustainable tourism, and creative businesses.

UN Women, through project funding from the Joint Sustainable Development Goals (SDG) Fund, will be investing 100,000 USD into the low-cost loan product developed by BDB.

Nicholas Higgs, BDB’s Managing Director, described the financial product as a “game-changer” for The Bahamas.

“By providing low-interest loans to MSMEs, we are empowering local businesses to thrive, innovate, and contribute significantly to our economy. This initiative not only supports economic growth but also promotes social inclusion by targeting underrepresented groups such as women, youth, and people living with disabilities. It is a pivotal step towards a more equitable and prosperous future for our nation.”

Mr. Higgs added, “Loans are useful for business growth. This new product allows businesses to scale up production, improve products, stay competitive, enter new markets or take advantage of growth opportunities.”

Loan applications will be accepted until 13 September 2024. The concessional financing allows businesses to access the 0 to 2 percent interest rate for the first two years. Financing beyond the two-year period or exceeding $100,000 will be subject to standard BDB interest rates.

The loans are made possible through blended financing, a mechanism which uses public and development funds to subsidize interest rates on traditional loans taken by the Bahamas Development Bank.

Tonni Brodber, Representative UN Women MCO Caribbean said, “For many businesses, access to loans can mean the difference between staying small or achieving significant growth, driving innovation and economic development in their communities.”

“A major focus for this fund is supporting women and young entrepreneurs in overcoming existing financing gaps to support their full and equal economic and social participation. Recognizing that women are less likely to take out loans when compared to men, closing the gap between the need for financing and the access to financing is crucial for women entrepreneurs to overcome economic challenges, enhance their financial independence, and enable women to contribute to the overall economic development and job creation in The Bahamas.”

The Bahamas Development Bank and UN Women have been in partnership through the Joint SDG Fund Building Back Equal through Innovative Financing for Gender Equality and Women’s Empowerment Programme since 2022. It is being jointly implemented in The Bahamas and Bermuda by BDB, the Ministry of Youth, Social Development and Seniors in Bermuda, and four United Nations agencies including UN Women, United Nations Educational, Scientific and Cultural Organization (UNESCO), Food and Agriculture Organization of the United Nations (FAO), and United Nations Development Programme (UNDP). The programme is scheduled to run until 1 October 2024.

Interested applicants can visit https://bahamasdevelopmentbank.com/funding-programs/sdg-concessional-loan-fund/  or email info@bdb.gov.bs for more information.

 

Photo Caption:

Pictured from left to right are Bahamas Development Bank  (BDB) Deputy Managing Director, Dave Munroe; BDB Managing Director, Nicholas Higgs; UN Women MCO Caribbean Representative Tonni Brodber and  UN Women MCO Caribbean Private Sector Specialist Gayle Gollop.

 

Bahamas News

Bahamian Man Extradited to Florida on Cocaine Trafficking Charges

Published

on

USA, April 23, 2026 – A Bahamian man has been extradited to the United States to face serious drug charges stemming from alleged offences committed several years ago.

Lernis Cornish Jr. was handed over to U.S. authorities on April 17, 2026, following extradition proceedings in The Bahamas. The case was heard before Chief Magistrate Roberto Reckley, who ordered that Cornish be surrendered to American officials. Cornish did not challenge the order.

He has since been transferred to Florida, where he is expected to face trial in connection with alleged drug-related activity dating back23 to 2020.

According to reports, Cornish is accused of possession of cocaine with intent to supply and conspiracy to possess cocaine with intent to supply. Related U.S. law enforcement notices also indicate that the matter is being pursued in Collier County, Florida, where authorities have listed charges including trafficking in cocaine and conspiracy to traffic cocaine, involving quantities of 400 grams or more.

The case now falls under the jurisdiction of the Florida court system, where prosecutors are expected to advance the matter through pre-trial proceedings ahead of any potential trial.

Extradition from The Bahamas to the United States is governed by bilateral treaty arrangements, allowing individuals accused of serious offences to be transferred to face justice in the requesting country once a Bahamian court is satisfied that legal requirements have been met.

Cornish’s extradition marks the continuation of a multi-year case, moving it from preliminary proceedings in The Bahamas into the U.S. judicial system, where the allegations will now be tested in court.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

Continue Reading

Bahamas News

New Manifestos Released as Bahamas Heads to Historic May 12 Vote

Published

on

The Bahamas, April 14, 2026 – With the 2026 Bahamian general election set for May 12, the country’s major political parties have now formally placed their plans before the electorate, offering competing visions for governance, growth and relief.

The governing Progressive Liberal Party (PLP), led by Philip Davis, launched its “Blueprint for Progress 2026” on April 8, 2026, outlining a 46-page plan focused on long-term development and systems reform. The document places heavy emphasis on energy transition, digital government, workforce training and food security, positioning the party as one seeking continuity following its first term. The full plan is publicly available online through official PLP platforms for voters to review.

Just days later, on Sunday, April 12, the opposition Free National Movement (FNM), under Michael Pintard, unveiled its 2026 Manifesto at a major event in Nassau. Spanning 54 pages, the document centers on cost-of-living relief, tax reform, healthcare expansion and housing, offering what the party describes as a more immediate response to economic pressures facing Bahamian families. The FNM has also made its manifesto accessible online.

Beyond the two major parties, the Coalition of Independents (COI) had already entered the policy space earlier, formally unveiling its long-range Vision 2030 framework on Saturday, March 1, 2025, at the Fusion Superplex in Nassau during a packed national launch led by party leader Lincoln Bain. That framework has since been complemented by a 100-day action plan released in late March/early April 2026, adding a short-term policy layer to its long-range proposals.

These policy rollouts come as the country prepares for a pivotal vote, with the Parliamentary Registration Department confirming a voters’ register of approximately 203,000 eligible voters, one of the largest in the nation’s history. Key dates are now set, with Nomination Day on April 16, followed by advance polls on April 30, ahead of General Election Day on May 12.

With platforms now in the public domain and the timeline locked in, the focus shifts squarely to the electorate—who must now weigh the promises, examine the plans and decide the country’s direction at the polls.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

Continue Reading

Bahamas News

From Concept to Approval: What a 2019 Water Security Plan Now Means for Bahamians

Published

on

The Bahamas, April 14, 2026 – At its core, the $65 million water security project is designed to strengthen the reliability, safety and resilience of the water supply across The Bahamas.

If implemented as planned, the investment is expected to improve water quality, reduce contamination risks and support public health, while increasing supply reliability and limiting service disruptions during droughts or system failures. The project also aims to expand and upgrade infrastructure, including wellfields, pumping stations and storage capacity, and to protect freshwater resources from saltwater intrusion—an increasing threat for low-lying islands. In practical terms, that could mean cleaner, more consistent and more dependable access to water for residents across the country.

The project was first conceptualised in 2019 under the previous administration, when a proposal was submitted to the Green Climate Fund to strengthen the resilience of the country’s water systems. That early work came just months before Hurricane Dorian exposed the vulnerability of national infrastructure, including critical water and sanitation systems, particularly in the northern Bahamas.

The initial phase focused on developing the concept, identifying priority areas and engaging regional and international partners, including the Caribbean Development Bank, to support the design and preparation of a full funding proposal.

Following the change in government in 2021, the project advanced into its most technical and demanding stages. The current administration oversaw the completion of key requirements, including feasibility studies, environmental and social assessments, and detailed financing negotiations with international partners—steps necessary to move the proposal from concept to approval.

That multi-year process has now culminated in approval of a $65 million financing package, combining grant funding with concessional loans to support long-term upgrades to the country’s water infrastructure.

While the project brings significant international support, it is not entirely free money. The package is structured as a blended financing arrangement, combining grant funding with concessional loans—meaning a portion of the funding will ultimately need to be repaid. Based on information released by the Caribbean Development Bank, approximately $25 million of the total package is tied to loan financing, with the remaining portion provided as grant support.

Concessional loans typically carry more favourable terms than commercial borrowing, including lower interest rates and longer repayment periods. However, they still represent debt obligations that will be borne over time.

Notably, detailed terms of the loan components—including interest rates, repayment schedules and any associated conditions—were not disclosed in the initial announcement issued by the Office of the Prime Minister (Bahamas). Those details are expected to be outlined in formal financing agreements, but have not yet been made public.

For Bahamians, the project represents both investment and obligation. While the grant funding provides a significant boost to infrastructure development, the loan component adds to the country’s long-term financial commitments—making transparency around terms and implementation timelines especially important.

While the approval marks a significant milestone, the timeline for delivery remains a critical factor. Based on information available from project partners, implementation is not expected to begin immediately. The initiative is anticipated to move into its execution phase later in 2026, following finalisation of financing agreements and completion of preparatory requirements.

From there, the project is projected to unfold over several years, with estimates suggesting a multi-year implementation period of up to seven years to fully deliver the planned upgrades to water infrastructure across The Bahamas.

This means that while the funding has now been approved, the benefits will be realised gradually rather than all at once. A definitive completion date has not been publicly outlined, and detailed timelines tied to specific islands or phases of work have yet to be disclosed.

For Bahamians, the question now shifts from approval to execution—when funds are drawn down, when construction begins, and how consistently the project moves from plan to delivery.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

Continue Reading

FIND US ON FACEBOOK

TRENDING