Bahamas News

BAHAMAS: PM Urges Credit Unions to Empower the Poor

Published

5 years ago

July 31, 2019

#Atlantis, July 31, 2019 – Paradise Island, The Bahamas – Commending credit unions on tremendous growth over the years, Prime Minister, the Most Hon. Dr. Hubert Minnis urged the organization to put the demands of the poor at the forefront.

He was addressing the World Council of Credit Unions and Caribbean Confederation of Credit Unions Conference at Atlantis Ballroom, Paradise Island on Sunday, July 28, 2019.

The Prime Minister said he was pleased that the organizations have chosen, once again, The Bahamas to stage their joint conferences, which attracted over 2,300 delegates from approximately 60 countries.

In his keynote address, the Prime Minister underscored the importance of credit unions in developing countries, and encouraged far-reaching solutions to the challenges facing the poor and underprivileged.

He advised that careful attention must be paid to the increasing regulatory requirements associated with credit union operations, including: fiscal responsibility, anti-money laundering and countering terrorist financing.

“Of urgency is the grave and existential threat posed by a heating climate, which will have devastating consequences on the poorest in our countries.

“No matter the topics you discuss, may you always put at the forefront the demands of social justice and human dignity, including the needs of the disadvantaged and the poor.

“Further, the fight for universal equality, especially for women and ethnic and other minorities are also the cause of those who love justice and who promote peace,” the Prime Minister said.

The worldwide credit union movement is seen as a formidable force with approximately 89,000 credit unions in 117 Countries across six continents. Additionally, the movement boasts 260 million members and approximately two trillion dollars in assets.

“I note that the hosts of this conference, the World Council of Credit Unions and the Caribbean Confederation of Credit Unions are partners in various development projects,” the Prime Minister said

“Indeed, in addition to providing technical and advocacy services, the World Council of Credit Unions is involved in a variety of development programs in less-developed communities,” the Prime Minister said.

He referenced the mission of the regional host, the Caribbean Confederation of Credit Unions that “seeks to strengthen, unite and promote sustainable growth and development for co-operatives in the Caribbean, as a vehicle for socio-economic development.”

Statistics show that as at December 2018, the regional CU Sector comprised an estimated 289 credit unions, serving approximately 2.6 million members, with estimates of US$6.2 billion in savings, US$4.9 billion in loans, US$733 million in reserves and, US$7.6 billion in assets.

Given this potential, especially among smaller-sized countries, the Prime Minister observed that credit unions can play an outsized role in national development, especially in rural and less developed areas globally and throughout the Caribbean.

“This includes areas like some of our Family Island communities, which are less developed than urban centers such as New Providence and Freeport,” he said.

The Prime Minister outlined to visitors the archipelagic make-up of The Bahamas with over 700 islands, thousands of cays, a land area of approximately 5,382 square miles and approximately 2,200 miles of coastline.

And, while most Caribbean countries are a single land mass or have a few islands, The Bahamas is a far-flung island-chain with rising sea levels and “more intense storms which threaten economic and national survival,” he said.

The Bahamas is also challenged with having to replicate the same essentials services on many islands, he added. “Within this context, credit unions can play an essential role, especially in the many under banked communities we have in the Family Islands,” the Prime Minister said.

The Prime Minister applauded the sector for already offering services on quite a number of Family Islands.

“The local movement has impacted the lives of their members in many meaningful ways, including in: home ownership, higher education, small business development and favorable investment opportunities,” he said. “Indeed, credit unions offer some of the more competitive interest rates on savings in the country.”

The Prime Minister noted that the Teachers & Salaried Workers Co-operative Credit Union, the largest such entity in the country started with less than $100 dollars. Today, this Union has more than 17,000 members with over $214 million dollars in assets.

“We commend the credit union sector for collaborating with the Department of Co-operative Development by investing in our young people in the development of the School Co-operatives programme,” he said.

Through this programme, high school students learn about co-operative principles, financial literacy and how to develop their own small business enterprises. Such schools are C.R. Walker and the C. C. Sweeting High School Co-operatives Program.

By Lindsay Thompson

Release: BIS

Photo Caption: Prime Minister Minnis addresses the forum.

(BIS Photos/Yontalay Bowe)

Bahamas News

Get your laugh on, March On show coming to Turks and Caicos with box office at IGA Friday and Saturday

Published

2 hours ago

May 3, 2024

Shanieka

Dana Malcolm

Staff Writer

After resounding success in the Bahamas, hit play ‘March On, The Story of Us’ has been inundated with requests to take their show on the road, and the first location they’ll be hitting is Providenciales Turks and Caicos with tickets on sale this weekend from May 3 to 5.

Magnetic Media spoke to Gea Pierre, playwright, who told us the TCI was a natural first choice for the cast and crew.

“We started ‘March On’ in November 2023 and it was really an opportunity for us to tell a story, the story of the Bahamas and to encompass the nations that we have an amazing relationship with like the Turks and Caicos,” she continued “We really got a lot of people calling [for the play] from [the TCI], so much so we really had to pay attention.”

The response to ‘March On’ at home and abroad was overwhelming.

“To say it went well is an understatement, even before we opened we got calls from Canada, from all over the US with people wanting us to come and perform.”

And take the show on the road they did! Gea and her team have launched “March On: The Tour” and will be in Providenciales to perform on May 10th and 11th. It’s the first of a number of stops which include Nassau and several US locations.

A ticket booth will be set up from today, Friday May 3 in the foyer of IGA grocery store beginning at 1 p.m. Friday and then again all day on Saturday, allowing residents to purchase with cash.

Online tickets are available for purchase with credit cards. Then the full team returns on Friday, May 11 for the actual showing at 8 pm and their two showings on Saturday at 4pm and 8 pm. The venue is Brayton Hall, Providenciales under the patronage of Washington Misick, TCI Premier and First Lady Delthia Misick.

Describing the close familial relationships between the TCI and the Bahamas, for many on the crew it will be like coming home Gea told us, for others it will be a treat to visit for the first time, the places that their grandparents described.

Tickets are only $60 for general seating and $75 for VIP seating.

Gea maintained that the team wanted to keep the show as accessible to residents as possible.

As for why you should come out and see the play, other than the great price point:

“The way that people have responded to it is non stoplaughter, people have been moved to tears because there’s some emotion. It does not only lend to Bahamians. It’s a family drama, and anyone who’s ever been a part of a family is going to get something out of it, and something moving.”

Bahamas News

CIBC Caribbean announces the closure of Bay Street Branch

Published

1 day ago

May 2, 2024

Shanieka

CIBC Caribbean today announced that its Bay Street branch will close permanently on 31st May 2024.

CIBC Caribbean’s Managing Director, Dr. Jacqui Bend, in making the announcement said: “We regret this development; however, our bank recognizes that our clients’ needs are changing, and we remain committed to meeting these evolving needs. We are even more focused within the climate of evolving technology advancements on creating product options that focus on security, convenience, and ease of doing business.”

Dr. Bend noted that there will be no job losses as a result of this closure and employees will be redeployed to other branches.

She observed, “Additionally, the closure of the Bay Street branch represents a continuation of the work previously started to repurpose our branch network to serve our clients more efficiently across the region.”

Dr. Bend said the decision to end operations at Bay Street was made with the knowledge that clients will continue to be adequately serviced by a strong branch presence that already exists in The Bahamas. She said the bank has written to its Bay Street clients informing them of the closure and has outlined their future banking options.

“We understand that the closure of Bay Street may be inconvenient to our some of our clients, but we hope that this will be tempered by the knowledge that they have many more avenues available to conduct their banking that are also convenient, safe and practical, using our mobile or online banking platforms or our other branch locations.”

Bahamas News

Freeport Business Expo to connect Grand Bahama businesses and entrepreneurs to expert resources

Published

7 days ago

April 27, 2024

Deandrea Hamilton

Grand Bahama Port Authority, Limited

April 29, 2024 – Freeport, The Bahamas – In line with its mission to create a stronger, more connected Freeport economy, the Grand Bahama Port Authority, Limited (GBPA) is pleased to share details of the upcoming Freeport Business Expo: Tourism Edition, taking place on Thursday, May 2, 2024 at the Grand Lucayan Convention Center in Grand Bahama.

“As the GBPA continues its work to attract investors to Freeport, we offer this showcase of local and international businesses offering services and opportunities to potential and existing licensees,” stated Ian Rolle, GBPA President. “This Expo will not only connect unique international service providers with Bahamian entrepreneurs aiming to introduce new tourist attractions, but also bring together financing institutions to support Bahamian-owned start-ups and existing businesses in the industry.”

The emphasis on tourism at the 2024 Expo ensures that those in tourism-focused businesses are certain to benefit. The event will offer opportunities to meet potential business partners, gain insight on financial opportunities, engage with leaders in workshops and one-on-one sessions, and get answers on starting a Freeport business and obtaining a GBPA license.

“We regularly host community business expos,” said Glendia Sweeting, Manager of Quality Assurance and Special Projects. “But we recognize the significant benefit of an expo focused on enhancing tourism business offerings through connecting international service providers and Bahamian entrepreneurs. We have more than thirty local and national exhibitors taking part on May 2^nd, along with several international service providers.”

Multiple investment projects currently in progress and planned in the city of Freeport is creating anticipation for existing and potential entrepreneurs and this expo is geared towards preparing them for these opportunities. “Grand Bahama is going to experience a significant growth spurt in the next one to three years. I would strongly encourage everybody who wants to get involved in business to look at Grand Bahama as one of the top choices, especially over the next three years,” said Mr. Rolle.

The Expo opens on Wednesday, May 1^st with a welcome reception from 6:00 p.m. to 8:00 p.m. A full day of learning and networking opportunities follows on Thursday, May 2^nd. GBPA’s partners in the Freeport Business Expo include:

Grand Bahama Island Promotion Board
Ministry for Grand Bahama
Grand Bahama Chamber of Commerce
Ministry of Tourism
Bahamas Immigration
Bahamas Customs
Five Star Shipping Company
Viva Wyndham Fortuna
Bahamas Air
Grand Lucayan Hotel

Registration for access to the Expo’s exhibitors is free, and all-access passes are available for purchase. Event details and registration information may be found at freeportbusinessexpo.com.