Bahamas secures $30 Million IDB loan to boost small businesses
- The Gallery
- 3 days ago
- 2 min read

The Government has signed a $30 million loan agreement with the Inter-American Development Bank (IDB), aimed at strengthening the nation’s Blue Economy through targeted investments in small businesses, marine science, and climate resilience initiatives.
The funds will be disbursed across three major components, reflecting a multifaceted approach to economic diversification and environmental sustainability. A total of $17.735 million will be allocated to support small and medium-sized enterprises (SMEs) through loans, grants, and guarantees, with a particular focus on sustainable tourism, aquaculture, and mariculture. The initiative is designed to stimulate entrepreneurship within the country’s ocean-based economy and create new opportunities for local innovators.
“This project reflects my administration’s recognition of the valuable opportunities within the Blue Economy,” said Prime Minister Philip Davis. “It provides critical investment opportunities for local entrepreneurs. We will need private sector innovators to play a pivotal role in growing the sector.”
In addition to direct financial support, funds will be used to construct visitor centers on select Family Islands and improve signage at tourist and historical sites, enhancing the visitor experience and creating new income streams for island communities.
Approximately $5.05 million is earmarked for activities related to the Bahamas Agriculture and Marine Science Institute (BAMSI). The funding will go toward improving curriculum, upgrading facilities, and advancing the institution's role in marine research and education.
“The Bahamas Agriculture Marine and Science Institute (BAMSI) will be instrumental in executing this project and utilizing project resources to improve its curriculum and other institutional activities,” Davis noted.
The final $4.77 million will be used to support climate change mitigation efforts, a critical area for The Bahamas, which remains highly vulnerable to rising sea levels and severe weather events.
“It is fitting that this project also incorporates measures and activities to lessen the impact of climate change,” Davis said. “Our vulnerability to climate change is well known, as is our push on the world stage for greater climate action, expanded climate finance, and climate justice.”
Davis emphasized the broader significance of the loan in helping The Bahamas harness its marine resources more strategically. “As an archipelagic nation, our beautiful waters surround our islands on all sides, representing the most abundant resource available to us,” he said. “It is past time that we fully leverage these resources in innovative and sustainable ways for the benefit of our people.”
He added that the project aligns with the government’s economic diversification strategy, which seeks to go beyond traditional exports by exploring new sectors such as fisheries, shipping, and marine biotechnology.
“Capitalizing on the value added from fisheries, shipping, and marine biotechnology will require new strategies and partnerships to expand the production of goods and services,” Davis said.
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