By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Prime Minister yesterday revealed that the Government has selected a consultant to review the Bahamas Investment Authority (BIA) and its investment policy framework.

During his mid-year Budget debate contribution, Dr Hubert Minnis said the six-month consultancy is expected to begin next month and is being funded by the Inter-American Development Bank (IDB).

“To improve our process the Government has selected a consultant to advise on the work of the BIA, which will include a review of the investment policy framework, streamlining the BIA’s operational methodologies, the development of a more dynamic approach to investment promotion and facilitation, and redesigning the current organisational structure and technical framework to allow for an improved effective use of FDI, national investment and overall economic growth,” said Dr Minnis.

“The consultancy is for a duration of six months and is expected to begin April 4. The Government will proceed with an institutional change and results based framework.”

The Bahamas Investment Authority is the Government’s investment promotion agency, and is responsible for the administrative processing of investments and applications.

“The unit assists with investment policy formulation, investment promotion, investment proposal and analysis and post approval monitoring and support,” Dr Minnis said.

“As the administrative arm of the National Economic Council, the BIA co-ordinates investment matters within all agencies of the Government, simplifying the process for the investor.”