THE Bahamas Development Bank (BDB) and Food and Agriculture Organization (FAO) of the United Nations (UN) signed an agreement aimed at advancing the Joint Sustainable Development Goals (SDG) Fund’s Building Back Equal project.

The initiative, jointly led by UN Women, FAO, United Nations Educational, Scientific and Cultural Organization (UNESCO), and United Nations Development Program (UNDP) will support women-led businesses in the agriculture, creative, and tourism industries, and will serve as a regional pilot for best practices in gender equitable financing in advancing small island developing states (SIDS).

BDB is the national coordinating authority on the Joint SDG Fund and has played a crucial role in shaping the project’s design and implementation. The total contract allocation to BDB for the FAO-funded section of the project is $186,000.

The proposed blended financing instrument is a collaboration between BDB and FAO, and will combine capital from the Bahamas Development Bank with non-reimbursable funding from the Food and Agriculture Organization of the United Nations.

The strategic partnership will provide women-led businesses with access to low-cost capital after undergoing technical capacity development. A portion of the funds will also be allocated to a grants program.

BDB will also sign a similar agreement with UN Women, which will add a further $100,000 to the fund for women-led businesses and further showcase its commitment to empowering women entrepreneurs in diverse sectors.

Gavin Christie, the Bahamas Development Bank’s deputy chairman, said: “This partnership signifies a significant step forward for BDB, FAO, and the nation at large. It underscores BDB’s dedication to driving inclusive economic development and gender equality, aligning with the sustainable development goals. As we support and empower women-led businesses we are fostering social growth and sustainability in The Bahamas.”

Nicholas Higgs, the Bahamas Development Bank’s managing director, added: “The collaboration with FAO underlines our commitment to not only bolster the economy but to also ensure that women entrepreneurs are at the forefront of this advancement. By providing these targeted funds, we aim to catalyse a transformation in the industries that help form the backbone of our economy. This initiative is not just about financial investment, but also about investing in the skills and capabilities of women-led enterprises. The empowerment of women is a cornerstone for resilient and sustainable economies, and BDB is proud to lead by example. Through these efforts, we aspire to create a ripple effect that will not only uplift women within The Bahamas but also set a precedent for gender equity in funding across the region and globe.”

The Bahamas Development Bank is implementing a streamlined approach to its adjudication process to facilitate a faster decision-making process, ultimately ensuring expedited access to funding for women-led beneficiaries in the program. An announcement regarding applications will be announced in March.