NASSAU, The Bahamas -- A Memorandum of Understanding (MOU) was signed between the Bahamas Development Bank (BDB) and the Bahamas Agricultural and Industrial Corporation (BAIC) at the bank on Robinson Road and Key West Street on Tuesday, March 21, 2023. Managing Director of BDB, Nicholas Higgs, said the MOU opens the door for  Bahamians to receive the necessary funding for their agricultural projects. He said that they were pleased to be able to facilitate Bahamian farmers in this regard.

Executive Chairman of BAIC, Leroy Major, said that this is the 'icing' on the cake for persons who wish to enter the field of agriculture but don't have the funds to start their businesses.  "This is a groundbreaking moment because, generally, BAIC has the land but lacked the funding. Bahamas Development Bank has the lending ability so this partnership is the perfect marriage. The result is that Bahamians will benefit because  BAIC is a one-stop shop where Bahamians can come for assistance with their business plans, and then we can send them over to the bank to apply for the funding for their projects."

Chairman of Bahamas Development Bank, Senator, Hon. Quinton Lightbourne said that the signing represents a bit of history. "The signing of this MOU will bring to fruition the ability for us to foster and diversify our economy, especially in Agriculture," he said.  "It is, therefore, transformative and the BDB is poised to foster that diversity."

 
Chairman of Bahamas Development Bank, Quinton Lightbourne (left) and Chairman of the Bahamas Agricultural and Industrial Corporation, Leroy Major, signed a Memorandum of Understanding to provide funding to Bahamians seeking to participate in the agricultural sector. The signing took place at the bank on Robinson Road and Key West Street, March 21, 2023.   

Bahamas Development Bank and the Bahamas Agricultural and Industrial Corporation signed a Memorandum of Understanding to provide funding to Bahamian farmers, March 21, 2023.   Pictured l-r: General Manager, BAIC, Troy Sampson; Chairman of Bahamas Development Bank, Senator, Hon. Quinton Lightbourne; Executive Chairman of BAIC, Leroy Major; Managing Director, BDB, Nicholas Higgs and Deputy Managing Director, Donald Munroe.   (BIS Photo/Mark Ford).