Bahamas Development Bank strengthens regional ties
As it moves ahead with the implementation of its strategic plan for 2014-2018, the Bahamas Development Bank (BDB) is seeking to create strategic alliances with multilateral and regional bodies in furtherance of its mandate to assist in the development of micro, small and medium-sized enterprises in The Bahamas.
Managing Director of BDB Arinthia S. Komolafe recently attended the 44th annual meeting of the Caribbean Development Bank’s (CDB) Board of Governors held in Georgetown, Guyana.
“The meeting provided an avenue for regional development bankers to discuss matters of mutual interest and share ideas on ways to sustain these vital institutions that play a major role in the empowerment of our people and ultimately in our national development,” said Komolafe.
She noted that there are quite a number of opportunities available to BDB from multilateral organizations such as CDB and other multilateral agencies. Komolafe said that one of her goals is to strengthen the Bank’s existing regional ties as she spearheads the repositioning and refocusing of the BDB to meet the demands of 21st century Bahamas.
In his opening remarks during the high level meeting entitled “Unlocking opportunities for competitiveness and growth: The role of energy”, the President of CDB Dr. William Warren Smith highlighted the strategy and direction of CDB as encouraging borrowing member countries to move toward energy efficiency and reduced costs of energy.
Smith cited the cost of energy and energy inefficiency as a primary source of the region’s lack of competitiveness. The president urged the governors present to follow the lead of Barbados and Jamaica to implement legislation at the national level that will bring about a paradigm shift that is integral to promoting a “green economy”.
Development bankers throughout the region were present to participate in the various sessions held during the annual meeting. Additionally, informal discussions were held with a view to strengthening the network of development bankers in the region to draw off each other’s experience. Also present at the meeting were representatives from the Ministry of Finance.