The Tribune

The Bahamas Development Bank (BDB) has partnered with the United Nations Development Programme (UNDP) in a bid to boost sustainable development, inclusive economic growth and climate resilience in this nation.

The duo formalised their partnership through a Memorandum of Understanding (MOU) signed on the sidelines of The Bahamas’ Diplomatic Week. The agreement, which covers the period 2026 to 2030, now enters the implementation phase, establishing a framework for co-operation between both institutions.

The BDB and UNDP, in a statement, said they will focus on advancing the Sustainable Development Goals (SDGs) and supporting initiatives that promote sustainable enterprise development, improve access to financing and strengthen the resilience of Bahamian businesses and communities.

Through this partnership, they added that they will explore opportunities for collaboration in several key areas, including applied research, knowledge sharing, programme development and capacity-building initiatives. 

Particular emphasis will be placed on supporting micro, small and medium-sized enterprises (MSMEs), youth entrepreneurship, gender equality, climate adaptation and sustainable business development.

The MOU also provides a foundation for co-financed and blended finance initiatives, bringing together UNDP’s extensive experience in financing for development and technical assistance, and BDB financing to support viable projects and expand the impact of development initiatives across the country. 

Delphino Gilbert Cassar, the BDB’s chairman, said: “Strategic partnerships are essential to national development. This collaboration strengthens our ability to leverage international resources and advance sustainable opportunities for The Bahamas.”

Dave Munroe, its managing director, added: “By combining UNDP’s development expertise with BDB’s financing capabilities, we can strengthen local enterprises and create greater opportunities for Bahamian businesses and communities.”

Kishan Khoday, the UNDP resident representative in The Bahamas, Belize, Bermuda, Cayman Islands, Jamaica and the Turks & Caicos Islands, said: “We are pleased to strengthen our collaboration with BDB to advance inclusive development, innovative financing and climate resilience across The Bahamas. 

“Expanding sustainable finance solutions is core to UNDPs mandate and local co-operation. Since 2022, UNDP partnerships around the world have aligned or leveraged more than $920bn in public and private finance for the sustainable development goals.”

The UNDP collaborates with national development banks (NDBs), regional development banks and international financial institutions to align public and private capital with national development goals. 

The partnership reflects the complementary roles of both institutions, bringing together UNDP’s international development expertise and technical resources with BDB’s role as a national development finance institution.

As both organisations move forward, the collaboration will provide a platform for identifying and pursuing initiatives that advance inclusive economic growth, strengthen climate resilience and create meaningful opportunities for Bahamian entrepreneurs and communities.