NASSAU, BAHAMAS — The Food and Agriculture Organization of the United Nations (FAO) and the Barbados Development Bank (BDB) have partnered to promote gender equality and financial inclusion in The Bahamas and the Caribbean. This collaboration is part of the Joint SDG Fund Programme, which focuses on “Building Back Equal through Innovative Financing for Gender Equality and Women’s Empowerment.”
Over the course of eight months, the initiative piloted innovative financing tools aimed at supporting women and youth entrepreneurs in The Bahamas. The program’s objectives included reducing financial risks for these groups and advancing progress toward the United Nations Sustainable Development Goals (SDGs).
Launched in February 2024, the project aimed to address structural challenges related to gender equality and reshape the financial landscape in favor of women and youth. Its primary focus was on providing financial tools tailored to the needs of women-owned micro, small, and medium enterprises (MSMEs) in the tourism and agri-food sectors, which are key components of the Bahamian economy.
As part of the project, the BDB developed specific financing instruments designed to support gender equality. Additionally, the bank provided financial institutions with training on how to better serve women-owned MSMEs. These efforts were supported by the creation of standardized tools, indicators, and frameworks to regulate, measure, and promote gender lens investing—a form of investment that seeks to advance gender equality.
A significant outcome of the initiative was the introduction of a gender financing instrument that offers both grants and debt funding. This included the launch of a Debt Program and a Grant Program to provide financial resources and support for women and youth entrepreneurs. The dual funding mechanism was designed to address the unique needs of these entrepreneurs while contributing to broader community development.
The initiative has seen considerable participation across The Bahamas. To date, 205 individuals have applied to the program, with 120 receiving specialized training provided by the University of The Bahamas. Out of this group, 10 businesses have been shortlisted for a pitch competition, 15 participants have been accepted into internships, and eight mentors are currently working with participants for a six-month period. The program has engaged participants across the islands of New Providence, Abaco, Andros, Exuma, Grand Bahama, and Eleuthera.
By focusing on gender-specific financial instruments and training, the FAO-BDB collaboration aims to foster greater financial inclusion and gender equality in the region. The project also seeks to create long-term, sustainable economic opportunities for women and youth entrepreneurs, contributing to the achievement of the SDGs in The Bahamas and the wider Caribbean.
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