The media are invited to join MIYA and the Bahamas Water and Sewerage Corporation as they present the Prime Minister of The Bahamas, Hon. Philip Davis, with the Prize for Innovation in Financial Partnership, WEX Global 2022. This international event was held in Valencia, Spain in late June, celebrating its 15th edition under the theme: “UNLOCKING THE POWER OF THE SMART CIRCULAR ECONOMY”.
This event played host to more than 80 speakers, from over 40 countries, who debated critical issues relating to Delivering Smart Circular Solutions for a more Sustainable World. Miya and the Bahamas Water and Sewerage Corporation received the WEX 2022 award for their Non-Revenue Water (NRW) Reduction Projects executed in New Providence, The Bahamas. This award recognizes strategic innovation, effective benchmarking and a sound environmental and financial basis – which ensures that existing and future financial resources are commensurate with the investment needs to ensure robust and sustainable water projects.
In 2012, The Bahamas Water & Sewerage Corporation (WSC) contracted Miya to conduct a 10-year NRW reduction project. Over that time, MIYA has developed and implemented a unique holistic project and reduced water losses to 26% within the first 5 years and to 21% by the end of the 7th year. MIYA has reconfigured the distribution system and invested tens of millions of dollars in selective CAPEX programs. MIYA was able to return the island to 24/7 supply and has overachieved the contract milestones every year.
The overall project size reached ~$100M, financed mostly by the Inter-American Development Bank. With approximately 40% performance-based fees this project is the largest ever successful performance-based project to reduce water losses in the region. The project has been designed to be repaid itself during its lifespan.
Prime Minister Davis, was the Minister of Works during the most crucial period of the project, 2012 to 2017 and it is with tremendous gratitude for his distinguished leadership, that Miya Bahamas and WSC will present the PM with the award.