Members of the House of Assembly debated the National Investment Funds Bill 2022 this week. The enactment of this new legislation will repeal and replace the Sovereign Wealth Fund which was passed in 2016. The fund will allow for the reinvestment of any proceeds derived from the blue, green and orange economies as well and government interest in companies.
Acting Prime Minister and Member for Exuma and Ragged Island, the Hon. Chester Cooper contributed to the debate. “This bill ensures that investment in private share holdings of the government are managed professionally for the long term benefit of citizens of The Bahamas. It ensures that the revenues from natural resources and investment that The Bahamas contributes to the economic certainty of the country and its people.”
Cooper continued further explaining the advantages of the proposed legislation. “So the government’s ownership stake in companies like BTC, Aliv and other companies may be established in a fund and the money derived from it can be professionally managed under the funds created in this bill for specific purposes.”