The Bahamas Development Bank yesterday announced that it will be working to diversify the economy more than ever after announcing that they will be investing more into Bahamian owned businesses. 

Deputy Prime Minister Peter Turnquest also wants Bahamians to take another glance at the bank as a source of financing. 

He also advised the public to pay close attention to bank announcement where individuals will be invited to participate in structured training programs that have the potential to bloom into new business endeavors financed by the bank. 

He added, “The government’s commitment to the direct financial contributions towards developing a vibrant class of new entrepreneurs will be without precedence. Why? Simply because we believe that Bahamians deserve opportunities, and we recognize the value of small businesses to economic growth.”

The Government began restructuring the development bank in September of last year in an effort to shift the burden on the private sector rather than constantly seeking assistance from the government. 

Mr. Turnquest shared some of the plans moving forward with The Bahama Journal.  

He said, “We’ve had a significant recovery in the losses which is indicating positive trends. We expect that to continue, and we’ve given the bank a mandate for a three year turn around to be off of the bank’s subvention and to encourage them to develop programs and revenue streams that will help them to achieve that.”

The Bahamas Development Bank Chairman Lynden Nairn also spoke on the restructuring process.

He said, “the public will be aware that the bank sought last year to restructure its $42 million bond indebtedness. That effort continues and the bank remains optimistic that it will be successful in that pursuit. Restructuring its debts will allow the bank to access $14 million for on-lending without any additional government subvention or support.”  

The bank’s Deputy Chairman Cedric Moss noted that specific sectors are receiving comprehensive focus from the bank. 

He said, “the Bank is pursuing initiatives in the poultry and renewable energy sectors, and will in this current quarter embark upon a new initiative to help in the development of a local information technology sector.” 

He added, “The Bahamas Development Bank partnered with the Office of the Prime Minister, Grand Bahama, Inter-American Institute for Cooperation on Agriculture, and The Department of Cooperatives to host a 2-day workshop on the Apiary Industry in October of 2017.” 

He also noted that from the 60 individuals that participated in the workshop, 35 were selected to participate in a 14-week training program which began in January of this year. 

Mr. Moss also pointed out that the Bank has been working closely with the Ministry of Agriculture and Fisheries to develop a “robust poultry sector”.

He said,  “It is estimated that Bahamians import 40 million pounds if chicken annually. The Minister of Agriculture has indicated that his goal over the next 2 years is to significantly reduce the level of poultry imports, and the Bank will be working with the Ministry of Agriculture and Fisheries to achieve that objective.”

The Bank also opened their grounds to Bahamians that have already utilized their services to push their businesses forward through an open house.