Bahamas News
Bahamas Development Bank to Bridge Global Funding and National Development
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.
Bahamas News
Get your laugh on, March On, family drama by Gea Pierre, debut this weekend in Turks and Caicos
This is the sixth edition of the relays and the fourth time that The Bahamas has hosted the event, which actually made its debut in The Bahamas in 2014.
President, World Athletics, Sabastian Coe said after three very successful editions from 2014 to 2017, the World Athletics Relays has quickly become one of the World Athletics vibrant competitions, developing a culture of fun and innovation that gives it a unique flavour.
He thanked the Bahamas Government, the local World Athletics Relays Bahamas 24 committee and the Bahamian people for agreeing to host the relays. However, his main thanks were to the “world’s best sprinters” travelling from all the continents to compete in preparation for the road to Paris, France, in two months’ time.
During the opening ceremony, the athletes were given words of advice from Carl Lewis, one of only four Olympic athletes to have won nine Olympic gold medals, who is widely recognized as one of the greatest athletes of all time.
He said, “Keep it simple, do not try to do anything extra. Do what your coaches said. Leave on time, leave on time, leave on time.”
The athletes and crowds were treated to the sounds and sights of Junkanoo at the end of the opening ceremony. The Junkanoo performers stuck around for the two days of competitions, playing for the sprinters as they competed on the track.
Teams competed in the Women’s and men’s 4x100m, and the women’s men’s and mixed 4x400m. A total of 14 teams at the World Athletics Relays Bahamas 24 automatically qualified for places at the Paris 2024 Olympic Games. Both days of competition were important, as day two offered another chance for qualifications for those teams unsuccessful on day one.
Bahamians were made proud as the country set a new national record during the mixed 4x400m relays thanks to the efforts of 16-year-old Shania Adderley, a student of Tabernacle Baptist Academy.
The team came first in their heat on Sunday evening after not being able to gain a spot for the Paris Olympics on the first day of competition.
Other sprinters on the team included Alonzo Russell, as well as Olympic champions Steven Gardiner and Shaunae Miller-Uibo.
NASSAU, The Bahamas – During his remarks at the Opening Ceremony for the World Athletics Relays 2024, on May 4, Prime Minister and Minister of Finance the Hon. Philip Davis welcomed the special guests, athletes, officials, and “all lovers of athletics from around the world” to the Thomas A. Robinson National Stadium here in the “vibrant heart” of Nassau, Bahamas.
“This weekend, the world’s finest athletes gather on our shores to embark on a journey that is not only about speed and strength but also about dreams and determination,” Prime Minister Davis said. “From the serene beauty of our islands to the historic grandeur of Paris, this event marks a crucial path to the Olympic Games in Paris 2024.”
He added: “Here in The Bahamas, we are no strangers to world-class athletics or the warmth and exuberance that such international gatherings bring. It is a distinct honor to once again welcome the World Athletics Relays back to our islands. This event holds a special place in our hearts, symbolizing a bridge between nations brought together by the universal language of sport.”
Prime Minister Davis noted that that year’s theme, “Paradise to Paris,” captured the essence of that journey.
“It is here, amidst the splendor of our sun-kissed beaches and the rhythmic sway of our palms that the chase towards Olympic glory begins anew,” he stated. “We are thrilled to offer a backdrop of unparalleled beauty, where every sprint, every baton pass, and every victory lap is set against the picture-perfect canvas of our islands.”
He added: “To our athletes, I say this: as you stand on the precipice of your dreams, ready to catapult yourself into the annals of history, know that you are part of a legacy of excellence and determination. This weekend, you are not only competitors but also ambassadors of your countries and the spirit of sport. We are especially proud of Team Bahamas, who carry the weight of their performance and the hopes and pride of our nation. You embody the spirit of The Bahamian people, and we are behind you every step of the way.”
Prime Minister said that to the international visitors, he extended “the warmest Bahamian welcome”.
“Over the next few days, as you revel in the thrill of competition, take a moment to bask in the beauty of our island,” he stated. “Discover why we proudly say, “It’s Better in The Bahamas.” Whether it’s the hospitality of our people, the tranquility of our waters, or the rhythm of our culture, you are in for an experience that captures the heart and rejuvenates the soul.”
“Let us celebrate the unity and friendship that sports foster, cheering every athlete and savoring the spectacle of human potential at its best,” Prime Minister Davis added. “I hope the races are swift, the results are inspiring, and the memories are lasting.
“Welcome to The Bahamas, the paradise where champions chase their dreams to Paris. As your host, it is my immense pleasure to declare the World Athletics Relays Bahamas 2024 officially open. Let the games begin.”
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