By JADE RUSSELL
jrussell@tribunemedia.net
PRIME Minister Philip “Brave” Davis said yesterday the National Investment Fund Bill paves the way for a new framework that moves the country toward crucial national development goals.
“This new framework for governance of the nation’s assets and investments will allow our country to move forward on crucial national development goals,” he told Parliament.
Through this bill, The Bahamas Resilient Infrastructure Fund will be created that will help promote partnerships for development and in other instances, the redevelopment of Family Island infrastructure, Mr Davis said.
Additionally, as a part of the Bahamas Resilient Infrastructure Fund several sub-funds will be introduced such as the Growth Fund for the Family Islands, Food Security Fund, and Renewable Energy Fund.
He said a Growth Fund for the Family Islands will be an investment fund to promote the development of infrastructure to support local Family Island economies and to support sustainable tourism – including airport, port and maritime infrastructure, and the provision of key infrastructure services.
He continued: “A Food Security Fund: An investment fund to promote the development of sustainable food production, to improve self-reliance and reduce exports. For example, one initial focus will be the aquaculture and fisheries segment, given its high potential in our archipelago.
“A Renewable Energy Fund: An investment fund to promote the development of cleaner, more efficient energy projects.”
Mr Davis tabled the National Investment Funds Bill yesterday at the House of Assembly.
He said that the bill had two main objectives.
One being to authorise the establishment of National Investment Funds, in efforts to advance the blue, green, and orange economies of the country.
Secondly, to provide effective and transparent management of the natural resources of The Bahamas, along with private investments held by the government.
Mr Davis said the bill is based on how national funds are designed on global principles of good governance.
He continued: “We are proud that this National Investment Fund Bill is structured in line with ‘The Santiago Principles’.
“These are a set of 24 global principles that assign best practices to the operation of national funds to ensure transparency, accountability, high ethical standards, and independence, especially in the auditing and public disclosure requirements of the funds, which include making that information easily available online to the public.
“This will put The Bahamas among the top tier of world-class national funds, and demonstrate to Bahamians and to investment partners alike, that they can be confident in the integrity of this Fund and have confidence in doing business in The Bahamas and with the government of The Bahamas.”
He said the bill will aid in the country’s development and future progress.
“This new framework for governance of the nation’s assets and investments will allow our country to move forward on crucial national development goals,” he told Parliament.
“We are confident that our innovative solutions to long-standing challenges will build progress across our islands.
“We can’t – we won’t – let the turbulence of these times stand in the way of our national development.”
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