Executives of the Development Bank of Latin America and the Caribbean, also known as CAF, met with government officials recently during an exploratory trip to see how the bank could assist The Bahamas with its development goals, according to and article published by Loop, a Caribbean news publication.
The article explains that CAF’s Regional Manager for the Caribbean, Dr. Stacy Richards-Kennedy, and CAF’s representative for the Northern Caribbean, Oscar Avalle, met with Prime Minister Philip Davis and Minister of Foreign Affairs Fred Mitchell, as well as Leader of the Opposition Michael Pintard, and Member of Parliament for East Grand Bahama Kwasi Thompson.
The article also explains that they conducted workshops with government technocrats.
Passage of the Corporación Andina de Fomento Bill was the final step to unlocking more concessionary financing for The Bahamas from the Development Bank of Latin America and the Caribbean. That step happened in July.
Minister of Economic Affairs Michael Halkitis said following the passage of the bill, that a subscription fee has to be paid to the bank over two budget periods to allow the country to be eligible to access financing from the bank, at four times the level of the subscription contribution.
“The Bahamas has agreed to subscribe for the purchase of 3,521 shares at a total cost of $49,998,200, payable over two budget periods,” said Halkitis.
Richards-Kennedy said in the Loop article that the bank expects to have a long, productive relationship with The Bahamas.
“Our focus is on aligning our expertise with the country’s priorities, and we are ready to support The Bahamas in realizing its development goals.”
Avalle added: “At the Development Bank of Latin America and the Caribbean, we recognize that every country’s development needs are unique, and The Bahamas is no exception. As we move forward, our priority is to ensure our support is responsive, flexible, and delivered with the agility required to meet the evolving needs of the Bahamian people. Our commitment is to serve as a reliable development partner in building a sustainable and resilient future for The Bahamas.”
The article said the bank pledged to support small and medium-sized enterprises in The Bahamas, and the development of water management solutions for the country.
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Publish date : 2024-09-27 01:22:00
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