News

The Government of The Bahamas, a Strategic Partner of the Commonwealth Enterprise and Investment Council, has signed a US $30 million loan agreement with the Inter-American Development Bank (IDB) to accelerate the growth of its blue economy.

The programme is designed to boost sustainable economic development while safeguarding marine ecosystems, with three key areas of focus:

• Supporting SMEs – More than half of the financing will provide loans, grants and guarantees for small and medium-sized enterprises in sectors such as sustainable tourism, aquaculture and mariculture.

• Building Institutional Capacity – Over US $5 million will strengthen the Bahamas Agriculture, Marine and Science Institute (BAMSI), enhancing training, research and curriculum development to support blue economy sectors.

• Strengthening Climate Resilience – Funding will also be directed towards ecosystem protection, including mangrove and coral restoration and the management of marine protected areas.

At the signing ceremony, Prime Minister Philip Davis highlighted the opportunity to leverage The Bahamas’ ocean resources for long-term prosperity:

“This sector is filled with untapped potential… it is past time that we fully leverage these resources in innovative and sustainable ways.”

The initiative complements The Bahamas’ recent debt-for-nature swap, which unlocked more than US $120 million for ocean and mangrove conservation, underscoring the country’s regional leadership in sustainable finance.

CWEIC congratulates the Government of The Bahamas on this milestone achievement and is proud to support its efforts to build a resilient, inclusive and sustainable blue economy for the benefit of the Commonwealth and beyond.