NASSAU, BAHAMAS — The Bahamas Development Bank (BDB) yesterday moved to a new location on Robinson Road and Key West Street, with BDB Chairman Charles Barnett describing the relocation as the next step to ensuring the bank functions as the driving engine for structural economic change for the betterment of all.
“Ownership of this facility brings BDB closer to the communities that are key to our inclusive vision of the future,” Barnett explained during the official opening ceremony.
The chairman said the board of directors of the bank would like to acknowledge the diligent and tireless efforts of the management and staff over the two-plus years.
“The bank has put in place a strong governance framework, strengthened policies and control, and resolved many of the long-standing issues that impeded the effectiveness of BDB to fulfill its mandate under the BDB Act, 1974,” he said.
Since its inception, the bank has financed hotels, fishing vessels, manufacturing operations, water supply companies, agricultural projects and mail boats, among other enterprises.
Unit Head of Strategic Development and Initiatives Sumayyah Cargill noted that in this time when the country is reeling from twin disasters, staff at the BDB realize they must be the bank that says yes when others say no, and must use every power available under its legislation such as grants, equity, guarantees, leases and lending to provide an avenue for Bahamians to productively participate in the economy by utilizing the natural resources the nation has been blessed with.
“Our current pipeline of business proposals includes projects that are designed to support small farmer all natural broiler production, build a commercial ruminant industry, grow honey exports, increase access to sustainable, climate-resilient housing and create marketplaces for businesses of every size,” Cargill said.
“We are working with private sector advisory committees in the green, orange and blue economies to develop projects and lending programmes with special focus on green energy, technology acquisition and creative industries.”
The bank has invested in advanced software and hardware systems to support loan organization, collections, decision-making and tracking development impact.
In response to the COVID-19 crisis and the need to adapt to the new normal, the BDB has created and implemented a fully contactless and end-to-end digital application process. These resources have increased the bank’s flexibility and ability to perform regardless of external disruptions.
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