NASSAU, BAHAMAS — The Cabinet Office has approved a $30 million capitalization for The Bahamas Development Bank (BDB) from the African Export-Import Bank, the first capitalization approval for the bank in nearly twenty years.
BDB chairman Senator Quinton Lightbourne made the announcement during a recent press briefing at the Office of the Prime Minister. Lightbourne said the capitalization marked a historic transformation for the bank.
“It’s been a long and arduous journey for the bank since the last capitalization approval in 2005. For nearly two decades, the institution has endured a capital drought that has hindered its ability to fulfill its mandate in supporting the development of our Bahamian economy,” said Lightbourne.
“The Cabinet Office has approved a $30 million capitalization from the African Export-Import Bank. The approval reflects a historic transformation of the bank. We have essentially rebuilt this institution from the ground up, instituting best practices in our policies, operations and governance, complemented with the revitalized vision and strategic plan.”
Lightbourne noted that the BDB is currently collaborating with its partners to create business growth, particularly focusing on the family island development. We are dedicated to improving food security by investing in smart agricultural solutions, reducing our dependence on imports and increasing our exports by expanding the value-added manufacturing sector.
According to Lightbourne, energy efficiency and renewable energy will be the focus of the institution going forward. According to Lightbourne, by the end of November, the bank will have the funds in its possession to disperse.
The BDB is the primary facilitator for promoting industrial, agricultural, and commercial development in The Bahamas. Its core mission is to encourage participation in approved enterprises while stimulating and enhancing the nation’s economic growth.
