The Government of the Commonwealth of The Bahamas is set to receive USD100,000 in grant resources from the Caribbean Development Bank (CDB) to undertake a diagnostic study of, and strategic plan for, the Bahamas Development Bank (BDB).

The project aims to promote the viability and sustainability of BDB, by better positioning the organisation to provide financial and technical support to eligible Small and Medium Enterprises (SMEs) operating in the productive sectors, including agriculture, industry, services and tourism.

Daniel Best, Director of Projects, CDB notes, “Thriving SMEs are the life blood of a vibrant private sector, given their capacity to create new jobs, earn foreign exchange and promote socioeconomic growth and development. The BDB provides essential credit support for the sustainable development of SMEs, in an environment where lack of access to credit by these enterprises could be crippling.”

“The grant will enable the BDB to better support innovation and entrepreneurship while expanding financial and other services to the underserved communities in the archipelago state. These investments will create numerous opportunities for local entrepreneurs of varying size and sophistication across several sectors,” he added.

The Government of the Commonwealth of The Bahamas has intrinsically linked the development of the Bahamian archipelago and, in particular, Grand Bahama, Andros, Abacos and Long Island to the financial and technical assistance services provided to entrepreneurs by the BDB.

The project aligns with CDB’s strategic objectives and corporate priorities of supporting inclusive and sustainable growth and development; and promoting private-sector operations.