$10M first tranche of Afrieximbank capitalization on its way says Chairman
NASSAU, BAHAMAS — There are $2 million worth of projects and businesses soon to be approved by the Bahamas Development Bank (BDB), according to its Chairman, Senator Quinton Lightbourne, who noted that the $10 million first tranche of a $30 million Afrieximbank capitalization is on its way.
Lightbourne, during his budget debate contribution in the Senate, noted that the $30 million is the largest capitalization in the bank’s history.
“The first tranche of $10 million is on its way and will be allocated for a cross-section of businesses in our economy in particular the green economy, in the form of renewable energy and financing projects to fight against climate change,” said Senator Lightbourne.
He added: “We have a healthy pipeline of over $2 million of projects and businesses to soon be approved by the Bahamas Development Bank. These are businesses in the tourism sector and trade industry. These loans will benefit the country and approvals will follow strict bank policies and will not merely be dished out.”
According to Lightbourne, based on the first tranche of $10 million, the bank will earn over $1 million in interest income by this time next year. He also noted that the bank is projecting $600,000 in revenue from various programs. According to Lightbourne capital expenditures at the Bahamas Development Bank have decreased by 13 percent compared to 2023/2024.
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