Newly appointed Managing Director, Mr. Dave S. Smith treated the former Managing Directors to lunch, to celebrate the Bank’s 40th anniversary; also in attendance was the Honorable Minister Peter Turnquest, Deputy Prime Minister and Minister of Finance. During this auspicious occasion, Minister Turnquest discussed how the Bank could further facilitate economic development throughout The Bahamas. This also provided the former Managing Directors the opportunity to discuss the Bank’s challenges over the years and also reminisce about the many success stories enabling the development of the Bahamian economy in various sectors. Mr. Benjamin Rahming, former Managing Director shared one of his fond memories of how the Bank made a tremendous impact on the Bahamian economy over the years. One sector impacted was Tourism as a number of resorts were financed on New Providence and Family Islands. The Bank also provided funds to the fisherman to secure boats and other equipment resulting in increased revenue and employment.
Mr. Anthony Woodside commented that the Bahamas Development Bank has impacted
Transportation as a number of mail boats was financed by the Bank over the years. The services provided by mail boats remains critical in assisting residents throughout The Bahamas supporting inter-island transit, goods, materials, and passengers. Mr. Smith acknowledged the importance of listening to those who he has taken over the reins from,
as he executes the strategic plan for the Bahamas Development Bank. Since 1974, the Bank has been the Government’s catalyst in facilitating and stimulating economic expansion and diversification of Micro, Small and Medium Enterprises (MSMEs) and thereby creating employment and increasing opportunities for exports. In our Strategic Plan, “Roadmap To Economic Growth & Diversification 2018-2020” the Bank continues its focus on targeted economic sectorial development, expanding the bank’s MSME funding center and provision of other services. The BDB continues to collaborate with various Government ministries and industry associations to execute its principal functions which include; promotion of industrial, agricultural and commercial development via financing and investing in approved enterprises; encouraging citizens of The Bahamas to participate in the business ownership, and promoting the economic development of The Bahamas.