The Tribune

By FAY SIMMONS

jsimmons@tribunemedia.net

THE Government will create an off-balance sheet special purpose vehicle (SPV) to facilitate the $15m project designed to drive The Bahamas to 100 percent self-sufficiency in egg production.

Clay Sweeting, minister of agriculture, marine resources and Family Island Affairs, told the Golden Yoke initiative’s launch that the SPV will contract with farmers who will be responsible for managing the egg-laying chick grow houses and commercial aspects of their operation. The SPV will also be responsible for making the initial investment in the project, and will purchase the eggs from the farmers and sell them on to food wholesalers and retailers.

Detailing a three-phased project, Mr Sweeting said: “Firstly, the project will see the construction of six grow houses in New Providence that are turnkey operations. The special purpose vehicle will provide the building, the layers, the vet services and other inputs.

“The contracted farmer will monitor and care for the investment. Upon production, the contracted farmer will sell all the eggs to the special purpose vehicle who will deduct the costs of the inputs and pay the profits to the farmer. The special purpose vehicle will sell the eggs to the wholesaler for distribution on every food store shelf throughout the country.”

The second and third phases are focused on the Family Islands and will facilitate the construction of additional poultry houses. “In phase two of the project we will see 15 grow houses in the south and central Bahamas, and phase three, we will construct 23 grow houses in the northern Bahamas. That’s 38 houses constructed in 12 Family islands, increasing egg production from 700,000 to 28m eggs per year,” Mr Sweeting added.

“A project of this magnitude will ensure that the eggs produced will completely reduce reliance on imports. And the Golden Yolk will have an immediate national economic impact, not just on food security but on growing the economy.”

The project aims to construct poultry houses built to withstand climate change and hurricanes, and also involves a new feed mill. A semi-automatic, smart poultry house is slated to be built at the Gladstone Road Agricultural Centre

Mr Sweeting said: “The Golden yolk project will also initiate the construction of a farmer-smart poultry house here at the Gladstone Road Agricultural Centre that will be semi- automatic, energy efficient and easy to maintain.”

Speaking at yesterday’s launch event, Prime Minister Philip Davis KC said: “The Golden Yolk project is historic because it represents one of the first steps in a marathon toward a more resilient, self-reliant Bahamas. The Golden Yolk project is an urgent and crucial undertaking, one that promises to move the needle toward greater food security for our country.”

The project is projected to increase Bahamian egg production from about 700,000 per year to 28m via the 38 new poultry houses on the Family Islands and six on New Providence. Mr Davis said he expects the project to inject $2.3m into the Bahamian economy annually.

He added: “Poultry houses are slated for construction across 12 Family Islands with a further eight earmarked for New Providence. These sites will increase local egg production 30-fold, injecting an additional $2.3m into our domestic economy.” Golden Yolk is expected to create 90 jobs, half which will be based in the Family Islands.

“In addition to setting our nation on the path towards food sovereignty, the Golden Yolk project delivers on several commitments outlined in our ‘Blueprint for Change’, namely the creation of jobs, the development of our Family Islands and the empowerment of Bahamians. The project’s three-phase implementation will see the creation of some 90 jobs, over half of which will be based in the Family Islands,” Mr Davis said.

“We are ushering in a new age of agriculture, an age of promise and prosperity, an age where we make the most of what we have in the most sustainable manner possible. This is especially important for low and middle income families who are disproportionately affected by ballooning inflation on imported foods.”