The Tribune

By NEIL HARTNELL

TRIBUNE Business Editor

nhartnell@tribunemedia.net

A CABINET minister yesterday conceded that governance structures have yet to be fully implemented for a National Investment Fund that to-date has spent almost $311m of public money.

Michael Halkitis, minister of finance, responding in the House of Assembly to Opposition concerns over how the Fund has been managed, pledged that the Government is now completing the outstanding arrangements to give effect to the Fund’s operations and oversight, including developing regulations and its committee structure.

Promising that the investments made thus far have been for the Bahamian people’s good and benefit, he said: “At the same time, the Government does not suggest that a worthy public purpose removes the need for proper governance. Public benefit and accountability are complementary obligations. The stronger the public investment, the stronger the systems of oversight, reporting and assurance must be.

“A Board of Directors for the Fund was appointed with effect from 30 June, 2025. The Government is completing the remaining arrangements required for the Fund’s continuing operation, including its regulations, mandates, committee structure, financial reporting and audit processes.

“The objective is to ensure that future decisions are taken within a clear and settled framework, with defined responsibilities, effective oversight and the reporting required by law.” Mr Halkitis said the Ministry of Finance retains all the documents and paperwork associated with the Fund’s transactions thus far.

Turning to the investments, the minister added: “To date, $310.9m of the Bahamas’ National Investment Fund proceeds have been strategically utilised to strengthen public infrastructure and strategic national assets across The Bahamas, again consistent with the March 10, 2025, resolution of Parliament.

“These investments have supported projects designed to improve essential public services, modernise public facilities, enhance transportation connectivity, and create a stronger foundation for economic development. Most of the funding was allocated across two key areas: Buildings and roads, and aviation infrastructure.

“Buildings and roads represented the largest category of investment, accounting for $210.6m of the total. These investments supported the construction, renovation, acquisition and modernisation of critical public assets, including roads, a new court complex and an administrative complex. In addition, the National Investment Fund supported the acquisition of water infrastructure,” Mr Halkitis continued.

“Aviation infrastructure investments totalled $100.3m of the total, supporting major airport development projects across the Family Islands and strengthening air connectivity. Funding covered airport construction, runway and terminal improvements, land acquisition, engineering, project management, surveying and related professional services.

“Examples of key projects included improvements to airports in Cat Island, Long Island, Exuma, and San Salvador, to name a few. Through these investments, the National Investment Fund has advanced critical infrastructure projects that improve public services, enhance transportation connectivity, strengthen public facilities and support sustainable economic development across The Bahamas.:”

As for the impact of such projects, Mr Halkitis said: “They supported infrastructure that serves Bahamians: Government buildings from which essential services are delivered, roads that connect communities and facilitate commerce, water systems upon which households and businesses depend, and airports that sustain the social and economic life of our Family Islands.

Their value belongs to the Bahamian people. Investment in the court and administrative Complex supports the administration of justice and the delivery of public services. A modern and properly functioning justice system requires facilities that are secure, accessible and suitable for the important work conducted within them. Investment in roads supports safer and more reliable movement.

“Investment in water infrastructure addresses one of the most basic responsibilities of government. Reliable water systems support public health, families, businesses and the continued development of communities throughout The Bahamas,” he added.

“Investment in aviation infrastructure is especially important to the Family Islands. These investments are intended to improve connectivity, strengthen local economies and ensure that national development is not confined to New Providence. They represent an investment in the proposition that every Bahamian community should have the infrastructure required to participate meaningfully in the country’s progress.

“The public good is found in the practical results of investment: Safer roads, more reliable water systems, improved public services, stronger transportation links and greater economic opportunity. This is the wider purpose of national investment - to use resources available today to create enduring public value for tomorrow.”