Ms. Shirley Gayle, IDB Representative in The Bahamas, Ministers, Senior Officers from the Bank and Public Service, media staff,
Good afternoon.
Today, I am endorsing an IDB loan agreement for $30,000,000 to support the small and medium-sized enterprise development of innovative and sustainable projects in the Blue Economy.
This project reflects my administration’s recognition of the valuable opportunities within the Blue Economy.
This sector is filled with untapped potential, and we have targeted the vast potential within the blue economy as one of the pillars of our economic diversification strategy.
Capitalizing on the value added from fisheries, shipping, and marine biotechnology will require new strategies and partnerships to expand the production of goods and services beyond traditional exports.
As an archipelagic nation, our beautiful waters surround our islands on all sides, representing the most abundant resource available to us.
It is past time that we fully leverage these resources in innovative and sustainable ways for the benefit of our people.
This project taps into our blue economy potential in several ways.
First of all, it provides critical investment opportunities for local entrepreneurs. We will need private sector innovators to play a pivotal role in growing the sector.
In addition to providing direct financial support to businesses, this loan will fund the construction of visitor centers on selected Family Islands, and` signage at tourist and historical sites.
The Bahamas Agriculture Marine and Science Institute (BAMSI) will be instrumental in executing this project and utilizing project resources to improve its curriculum and other institutional activities.
It is fitting that this project also incorporates measures and activities to lessen the impact of climate change.
Our vulnerability to climate change is well known, as is our push on the world stage for greater climate action, expanded climate finance, and climate justice.
Moving forward, climate action and adaptations must be taken into account for all major projects, not just in the maritime sector, but across all sectors.
Initiatives such as mangrove and coral restoration, along with efforts to build capacity to effectively manage our Marine Protected Areas, are already underway throughout our islands.
We look forward to seeing similar high-impact areas of focus rolled out by this project as we work toward enhancing our resilience and preserving our marine environment for generations to come.
The thirty million dollars allocated for this project will be spread across three main areas.
Component 1 is focused on small business support. $17,735,000 will support small and medium-sized enterprises with small loans, grants, and guarantees for developing sustainable tourism, aquaculture, and mariculture initiatives.
Under Component 2, $5,050,000 is designated for BAMSI-related activities.
And finally, $4,770,000 is allocated for Component 3, which will fund ongoing activities to mitigate the effects of climate change in The Bahamas.
Multiple government ministries and quasi-government entities will contribute to the project’s implementation—including the Ministries of Finance, Economic Affairs, Tourism and Aviation, BAMSI, the Small Business Development Centre, and the Bahamas Development Bank.
Project leaders are expected to consult broadly with civil society for input and guidance on activities within the project’s framework.
With our ongoing collaboration with the IDB, and with the oversight of an effective Steering Committee, I am optimistic that the project goals will be achieved in a timely manner.
I express the government’s gratitude to all stakeholders, including the Bank and all government and quasi-government officials.
We look forward to the positive impact this Blue Economy project will have on the Bahamian economy.
Thank you.
