Prime Minister Perry Christie in announcing the 10 member Board, at a press conference held at the Bank, challenged the members “to find the budding entrepreneurs of The Bahamas and ensure that the Bank is responsive and sensitive not only to the demands of the country, but to the aspirations of those of which I speak.”
Attorney K. Neville Adderley, has been appointed Chairman of the Board, which is mandated to usher in a new level of economic development and diversification throughout the islands.
But after assessing the banks financial records, Mr Adderley said the Board is faced with numerous challenges including dealing with the $13 million deficit amassed between 1991 and 2001.
“We need to arrest the accumulation of deficits which have been creeping up over the last 10 years. We need to reduce the level of delinquency and non performing loans,” Mr. Adderley said.
“But the most important thing we see our role as is to encourage and be a catalyst for economic development and diversification throughout the Family Islands,” he said.
“We are convinced that the Government is very serious about its developments and diversification efforts both for New Providence and throughout the Family Islands.
“Not only has the Board decided not to wait until projects are presented, but the Board has made a decision to be proactive, to go out and seek out possible projects that can occur in Family Islands,” he said.
He pointed to crab meat processing, and lamb processing in Long Island and mutton processing in Cat Island.
In the interim, Mr. Adderley said the Bahamas Development Bank has almost 1,000 loans. The Bank has the responsibility to finance viable small and medium enterprises in a sustainable manner and foster economic expansion and diversification.
And, he noted that even though the Bank has accumulated a $13 million deficit there is still more money to lend out.
Prime Minister Christie encouraged the Bank to dig deeper into an industry that has been virtually untapped.
“We have this tremendous opportunity for an industry that has not been exploited by Bahamians. That has been quantified as amounting to $500 million annually. That is the fly fishing industry.
“When you look at the map of The Bahamas and the shallow waters of the Bahamas, from Bimini to Acklins, Crooked Island, you can see the great potential,” he said.
The Board will serve until December 31, of this year.
Also appointed were: businessman Fritz Stubbs, Deputy Chairman; attorney Clinton Clarke, businessman Robert Malone, banker Peter Mitchell, businessman Caleb Outten, banker George E. Rodgers, businesswoman Chandra Sands, accountant Angela Sawyer and accountant Charlene Wells.
By Keva Lightbourne, The Nassau Guardian
