The Tribune

By Youri Kemp

Business Reporter

ykemp@tribunemedia.net

THE chairman of the Agricultural Development Organisation is considering starting a bank this year, particularly for farmers and fishermen.

Philip Smith, speaking at a launch event announcing a partnership between the ADO and The Church Commercial Farming Group (TCCFG), said that ADO is in a “good space,” to deliver on aid for agricultural entrepreneurs and that they are poised to do even more.

Mr Smith said: “We have even been considering a bank for agriculture and we have some people on the board that can truly make that happen.”

Board member Charlene Paul is leading the drive for an agricultural bank on behalf of the ADO. “So we’re going to do our best to make that happen,” Mr Smith said.

“I think we have a incredible reach into persons’ monies throughout The Bahamas and I think if we can bring that money in and we can use that money in this field, in this area, for this project of growing our own food, I think we can do a really good job.”

Clay Sweeting, Minister for Agriculture, Marine Resources and Family Island Affairs, said this was the “first time” he had heard about an agricultural bank and was “not sure of the specifics.” “I would have to speak more to them in that regard,” he added.

He also said: “I would say that the Bahamas Development Bank is working along with the ministry to assess persons getting in the agricultural sector.”

The Small Business Development Centre (SBDC) will also be launching their farming and fishing grant, which will help agri-business entrepreneurs and “be taught to make money in the business,” Mr Sweeting noted.

Despite the lack of consultation with the government on this agricultural bank, Mr Smith is “excited” nonetheless about the possibilities.

Mr Smith added: “Another reason why I’m extremely excited is because we have someone managing this. Management I believe is the key to success. In pastor Patrick Paul, we have an excellent manager and I believe in him.”