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Government enters into contractual agreement with the IDB for investment projects totalling $70 million

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#Nassau, June 18, 2018 – Bahamas – The Bahamas Government entered into a contractual arrangement with the Inter-American Development Bank (IDB) for investment projects totalling $70 million.

During the signing ceremony between the Government and the IDB at the Ministry of Finance, Thursday, June 14, 2018, Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest said during the mid-term budget review, he presented in Parliament a Resolution seeking authorisation for the Bahamas Government to enter into the contractual arrangements with the IDB.

The DPM said, “Today’s event, I note, marks the end of numerous discussions, among key stakeholders, whose contributions were vital in designing the activities or components of each project.  Moreover, this event confirms the government’s commitment to channel investment towards Family Island communities, as over the next five to six years, the country will witness the construction or rehabilitation to several Family Island airports and runways.”

He said these assets are regarded as vital points of connection to the wider Bahamas and the entire world, and therefore, planned upgrades are critical to enhancing the economic prospects of the islands.

DPM Turnquest said, in addition to upgrading airport infrastructure, civil works will also be undertaken on selected islands, to fortify traditional and re-introduce natural sea defence, so as to mitigate the negative impact of natural disasters to coastal areas.  “This work is important for the environment sustainability of The Bahamas.”

He explained that the $70 million for investment projects with the IDB are expected to address activities for the following areas:-

  • Climate Resilient Coastal Management and Infrastructure            $35 million
  • Family Island Airport Infrastructure Programme                             $35 million

The DPM said the IDB is a development institution and as a result, member countries accessing funds from the Ordinary Capital window of the institution are not subject to commercial financial terms.

“Hence, the tenor on these loans are 25 years at a variable interest rate, which is inclusive of LIBOR and currently stands at 3.25 per cent.  While this is the interest rate of choice, the Ministry of Finance, in consideration of future market conditions, has the option of converting to a fixed interest rate, if necessary.”

He said comparatively, these terms are more favourable than accessing funds from the international private sector markets, where the interest rates are recorded at 5.84 per cent with a 10-year tenor.

“These projects, I note, target infrastructure development and invariably are expected to have a positive impact on the productive sector.”

The DPM said while 80 per cent of the total loan resources or in absolute terms, $56,500,000 are allotted to civil works, some of the focal activities expected to be addressed in the projects and the corresponding financial resource include:

  • Infrastructure improvement to Airports and Runways on the islands of Exuma, Eleuthera, and Abaco –$33,000,000
  • Sustainable Coastal Protection Infrastructure to the Islands of Grand Bahama, New Providence, Long Island, and Andros – $23,500,000.

DPM Turnquest also explained that there is a link between the projects and focal sectors of the economy.

“Tourism and the Environment – both I emphasize, require constant support from government.  Our airports, I reiterate, are the main gateways for local and international transport between the islands.

“As for the Environment, this sector is regarded as an important asset, for which protective measures must be undertaken to prevent degradation. Unquestionably, failure to implement protective environmental measures would engender a negative impact on our tourism product and economic viability.”

He noted the importance of all stakeholders in providing fruitful input for the successful completion of each initiative; and also that the current economic environment, dictates the application of financial prudence in managing the resources allocated to the projects.

“In this instance, there must be constant monitoring and evaluation of actions deemed necessary to achieve outputs and outcomes for each project.”

The DPM said in addition to the investment programmes, the IDB will provide a grant totalling $500,000 to facilitate the government’s efforts to diversify the economy.  He said, “Through this grant, we will undertake diagnostic studies in three areas that have the potential of creating innovative industries in the country: these being, the digital economy, blue economy, and boutique agriculture.”

In attendance at the signing ceremony were Minister of Tourism and Aviation the Hon. Dionisio D’Aguilar; Minister of Public Works the Hon. Desmond Bannister and Minister of the Environment and Housing the Hon. Romauld Ferreira.

Representing the Bank were Alexandre Meira de Rosa, IDB Vice-President of Countries and Florencia Attademo-Hirt, IDB Country Representative.

 

By: Llonella Gilbert (BIS)

 

 

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Bahamas Issues Cybersecurity Alert Over Akira Ransomware Threat

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Nassau, The Bahamas, October 22, 2026 — The National Computer Incident Response Team of The Bahamas (CIRT-BS) has issued a cybersecurity advisory warning businesses, government institutions and other organisations about the growing threat posed by Akira ransomware, a cybercriminal operation capable of stealing sensitive information, disrupting networks and demanding ransom payments.

Active since March 2023, Akira operates through a Ransomware-as-a-Service model, with affiliates exploiting weaknesses in computer networks to gain unauthorised access.

Once inside, attackers can steal confidential data, disable recovery systems and encrypt files, preventing organisations from accessing critical information.

Particularly concerning is Akira’s use of double extortion, threatening to publish stolen information unless victims pay. Some attacks involve data theft without encryption.

The October 22 advisory identifies vulnerabilities involving Cisco and SonicWall firewalls, VPN services, Microsoft Remote Desktop Protocol, Veeam backup systems and outdated Windows and Linux operating systems. VMware ESXi and Nutanix AHV environments are also potential targets.

Attackers may exploit unpatched software, stolen login credentials and inadequately secured remote-access applications, including AnyDesk and RustDesk.

Warning signs include unexpected administrator accounts, unusual remote logins, unauthorised software installations, suspicious backup activity, mass file changes and ransom notes.

CIRT-BS recommends immediate security updates, multifactor authentication, restricted remote access, stronger network monitoring and secure backups maintained separately from operational systems.

Organisations should also remove unnecessary internet exposure of remote desktop services, limit administrative privileges and regularly test backup restoration.

The advisory does not identify any confirmed Akira attack against a Bahamian organisation but highlights vulnerabilities that could expose institutions to serious financial and operational disruption.

Cybersecurity incidents can be reported to CIRT-BS at soc@cirt.bs or through its official website.

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Energy Minister Delivers Electrifying Keynote Opening Address at CAREC 2026  

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NASSAU, The Bahamas – The Bahamas’ Minister of Energy, Utilities and Aviation, The Honourable JoBeth Coleby-Davis, delivered an electrifying address during the opening ceremony of the 2026 CARILEC Resilient/Renewable Energy Community (CAREC) Conference and Exhibition, being held October 18–22, 2026, at the British Colonial Hotel in Nassau, The Bahamas.

Under the theme “Empowering Progress: Strategic Policy and Planning for the Energy Transition,” the event draws more than 200 industry leaders, policymakers, regulators, and energy professionals committed to advancing practical strategies for sustainable and reliable Caribbean power systems through renewable energy and emerging technologies.

During her address, titled “The New Energy Era: Transforming Policy into Progress,” Minister Coleby-Davis reminded attendees that The Bahamas’ national motto, “Forward, Upward, Onward, Together,” aptly describes what the region’s energy transition demands.

“Empowering Progress speaks directly to our national motto. Not waiting for progress, but creating the conditions that allow progress to happen. Meaningful progress, however, does not occur by accident. It requires vision, sound policy, strategic planning, strong institutions, and the determination to turn decisions into results,” said Minister Coleby-Davis.

Participants acknowledged that small island developing states share similar pressures, compounded by geographical challenges, small electricity markets, ageing infrastructure, geopolitical influences, and the growing threat of severe weather.

Tasked with ushering in a new energy era across the islands while addressing the challenges posed by The Bahamas’ unique archipelagic composition, Minister Coleby-Davis said, “Every island needs a different answer, but the same logic. As an archipelagic nation, we must provide electricity across many islands, each with its own demand and infrastructure needs. Our strategy, therefore, must be national in direction, but responsive to individual communities.”

Restating her Ministry’s three core messages—that energy is an economic and security priority, technology must be viewed as a tool to support strong institutional leadership, and natural gas should be considered a bridge, not a destination—Minister Coleby-Davis reiterated that “progress must now be reflected in functioning infrastructure, effective institutions, and better electricity services: from policy commitments to coordinated implementation, and from fragmented investment decisions to long-term planning.”

Organised by CARILEC and co-hosted by Bahamas Power and Light (BPL) and Grand Bahama Power Company (GBPC), the annual Conference and Exhibition brings together the Caribbean energy community to advance practical solutions to the region’s most pressing energy challenges and accelerate progress towards more resilient, reliable, and sustainable power systems.

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Rosewood Exuma: A precedent-setting case for environmental law and future development in The Bahamas  

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By Eric Carey, ONE Consultants, former Executive Director of the Bahamas National Trust. 

We are facing an extraordinarily important moment in judicial history in The Bahamas as we await a decision on the trial of allegations in the Yntegra group’s Rosewood Exuma project.

As former Minister of the Environment, Romauld Ferreira, put it in the Supreme Court last week: “A lot is at stake…a  great deal of what will be considered in this case sets the stage for what’s to come for future development in the country.”

In the trial of the judicial review of government approvals given to Yntegra for their Rosewood Exuma resort this week, we’ve heard technical arguments about failure to make key environmental documents like Yntegra’s Environmental Impact Assessment and Environmental Management Plan available to the public, failure of key documents to assess some of the most controversial aspects of the project, an unlawful consultation process, and a failure to conduct further consultation following major changes to the development.

Lawyers for Turtlegrass described how there was a “salami slicing” of the project into chunks as a way to circumvent the approvals process and disguise its full impact from public scrutiny. Only certain portions came before the public and key stakeholders like Turtlegrass and Over Yonder Cay for scrutiny, while some of the most controversial aspects did not. This is particularly problematic given what is at stake – the dredging of a beautiful Exuma bay, the North Bay, to transform it into an industrial shipping channel, complete with an enormous seawall, dock, back-of-house facilities and other industrial infrastructure.

It is unfortunate that it has had to come to this – an expensive judicial review process that calls out the government for falling down on its duties to protect the environment and follow the law – but it is important and the broader implications should not be overlooked. When Justice Leif Farquharson rules on this case, he’ll set a precedent that could echo in The Bahamas for years to come, one that answers the question: are the 2019 environmental laws that Ferreira took to parliament after many years of advocacy by environmentalists toothless tigers that are just for decoration – or are they capable of protecting the environment that we all depend on and the rights of those affected by projects to have a genuine say in them?

What is curious is that at the same time as these points are being raised in court as part of the judicial review, we are seeing personal attacks about Bob Coughlin – the person spearheading this legal action and test of environmental laws – by online trolls. Coughlin, an Exuma resident for almost a decade, has long been established as an environmental advocate and a passionate philanthropist – one who has donated almost $4 million to causes in The Bahamas since 2018, including millions to the organisation I once led, the Bahamas National Trust.

For reasons one can only speculate about, these trolls have been trying to make out all sorts of absurd things: that his legal action in support of environmental protection is a petty dispute born out of fears of competition. That Coughlin no longer even wants to pursue his eco-tourism project, when the reality is that he was forced to put it on hold because of the destructive environmental plans that are in dispute. That he is the only one who has an issue with this Rosewood Exuma resort, when in fact, neighbouring resort, Over Yonder Cay – one of the top rated resorts in the Caribbean – as well as the Save Exuma Alliance – consisting of most of the local islands and businesses in the Exuma area, and thousands of petition signers have expressed their concern with the project – over 9,000 to date. Most ironically, they claim, wrongly, that Coughlin received crown land for personal use, when in fact it is Yntegra who received crown land while having no development track record, when Coughlin instead bought his lease on Sampson Cay from a private owner.

The timing of these claims, in the week of the trial, suggest a patronising and cynical attempt to distract from the gravity of the case being heard, what it represents, and how important this decision is. With their simplistic, jingoistic and factually-dubious references to crown land, white foreigners, and the like – it’s not hard to imagine that those involved are engaged in a ploy to push the buttons of Bahamians who they apparently believe can be too easily distracted into ignoring the real issue here: that the government, has – in the words of those in the Supreme Court this week – “run roughshod” over environmental laws with its approvals for Yntegra’s Rosewood Exuma project and that this is truly a landmark case and the decision will have a long-lasting impact on future development. This is at a time when foreign direct investment (FDI) inflows into the Bahamian economy are forecast to increase by as much as two thirds over the next two years, according to the Inter-American Development Bank (IDB).

So I call on my fellow Bahamians to stay focused. This is not a story about one man – it is a story about the future we want for our country and whether we are willing to sacrifice our ability to demand environmental accountability in all developments moving forward. There is too much at stake to be thrown off the track by trolls.

As Ferreira says of the judicial review that now awaits Justice Leif Farquharson’s judgement: “This is the first set of litigation, serious litigation, that takes a deep dive into the Environmental Planning and Protection Act and the environmental impact assessment regulations…There’s a lot at stake here.”

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