The government signed an agreement with the Inter-American Development Bank (IDB) Thursday for some $70 million dollars in loans.
The money, which is said to have already been accounted for in the budget, has been earmarked for infrastructural development works – particularly coastal management projects and Family Island airport redevelopment.
Deputy Prime Minister Peter Turnquest said a portion of the loan, totaling some $33 million, will go towards improvements for airports in Abaco, Exuma, and Eleuthera.
Additionally, $23.5 million of that money has been allocated for shoring up coastal protection here in the capital, Grand Bahama, Long Island and Andros.
Turnquest said in executing these projects, prudence will be the order of the day, as the government will be actively monitoring the projects to ensure they are executed as effectively and efficiently as possible.
He also pointed out that the government is getting this loan with some of the best terms.
In loaning the money to The Bahamas, IDB Vice President of Countries Alexandre Meira Da Rosa reaffirmed the bank’s commitment to partnering with this jurisdiction.
He also said The Bahamas has one of the healthiest portfolios in this region.