Sultan Al-Marshad, CEO of the Saudi Fund for Development, and Isacc Chester Cooper, deputy prime minister and minister of the Bahamas Ministry of Tourism, Investments & Aviation, inked a development credit agreement worth $10 million. The agreement, which was signed at SFD's Riyadh headquarters, calls for the construction of business incubation centers on three Bahamas islands to support the expansion of the travel industry. This action demonstrates SFD's commitment to promoting sustainable economic development in developing nations and Small Island Developing States (SIDS).
SFD has carried out more than 700 development projects and programs in 88 countries since it started operations in 1975. The Bahamas will become the 89th nation to receive cash from the fund for a development project with the signing on Thursday, marking SFD's first visit to the country. The financing will make it easier to establish centers specifically designed to foster the growth of innovative business ventures. These will specifically house 25 small enterprises on Exuma Island, 50 small businesses on Grand Bahama Island, and 50 small businesses on Nassau Island.
The facilities being created will have interactive tours on-site, off-site excursions, shops, and local food and beverage establishments, aiding in the promotion of entrepreneurship and fostering regional economic development in the Bahamas and beyond. The project aims to improve the Bahamas' tourism industry, generate both direct and indirect employment opportunities, and advance the UN's Sustainable Development Goals, particularly SDGs 8 (Decent Work and Economic Growth) and 9 (Industry, Innovation, and Infrastructure).
“This agreement marks a significant step in our nation’s journey towards sustainable growth, with the support of Saudi Arabia through the Saudi Fund for Development,” said Cooper. “The upcoming business incubation centers will act as catalysts for our aspiring entrepreneurs and help to accelerate job creation and enhance our tourism sector. This partnership reflects a shared vision of prosperity and development.”