business@tribunemedia.net
THURSDAY, FEBRUARY 13, 2025
$5.44 $4.76
Natural resource protection ‘started from ground zero’ • Ex-minister defends much-criticised regime • Says Bahamians earning zero from birthright • And needed to halt this for further discoveries By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER Cabinet minister who oversaw enactment of the much-criticised natural resources regulatory regime has defended its objectives as noble, while asserting: “We were starting ROMAULD FERREIRA from ground zero.” Romauld Ferreira, ex-minister of the environment, told Tribune Business that Bahamians and the wider scientific research community must never forget that the Biological Resources and Traditional Knowledge Act, and the accompanying regulatory regime, were implemented because this nation and its people were earning nothing from foreign commercial exploitation of their natural resources. Responding to concerns that the reforms, and associated Access and Benefit Sharing (ABS) framework, have sparked “massive losses in biodiversity” and “stifled” legitimate research vital to building The Bahamas’ ‘blue economy’, he reiterated in a recent interview that the changes were designed to ensure “we gain something” from this industry. “We forget the intent behind this, and the intent behind this is to ensure the people of The Bahamas benefit from any sharing of traditional knowledge and genetic resources that resulted in any commercial gains,” Mr Ferreira told this newspaper. “There was a lot more going on with this piece of legislation.
SEE PAGE B7
$5.45
$5.58
$5.53
‘We all win’: BISX targets early 2025 for private listings launch By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
• First of three new market ‘layers’; crowd funding next THE Bahamas International Securities Exchange (BISX) will launch the first • Exchange chief of three new capital markets “layers” in the 2025 first half, pledges expansion its chief executive disclosed yesterday, asserting: “Every‘not a fly by night’ body wins.” Keith Davies told Tribune Business that the exchange’s • But must ‘justify incentives’ plans to broaden and deepen for secondary market plan the Bahamian capital markets are “not a fly by night” as he revealed that the longplanned ‘private listings’ tier is “virtually complete” and set for unveiling before mid-year. This, he affirmed, will be followed by BISX’s “crowd funding 2.0” platform that will both fill the gap created by ArawakX’s departure and enable companies that are “a bit more mature” to raise capital from Bahamian investors via a regulated market where disclosure and other supervisory mandates must be met. Disclosing that BISX aims to complete the necessary
“legwork” and launch its ‘crowd funding’ initiative in the 2025 second half, Mr Davies told this newspaper that development of the third and final element in the exchange’s expansion plan - the launch of a so-called “secondary market” - will take more time because its design requires input from the Government and other capital markets stakeholders. He explained that BISX, with private sector partners, is working on a strategy to
“justify” the Government providing incentives to companies as a way to encourage them to use the planned secondary market as a mechanism for raising capital from local investors. This “layer” would sit above both the private listings and crowd funding tiers, but below BISX’s existing primary main board listed stocks. Mr Davies said the strategy to broaden and deepen the capital markets, through the addition of these three new
KEITH DAVIES categories below those companies that have undergone initial public offerings (IPOs), will provide corporate Bahamians with more options and flexibility when it comes to raising finance for their ventures via a structured, regulated market. It will also create a pathway where companies can graduate, and move, from one layer to the next to where, ultimately, they are ready to become public companies via
SEE PAGE B10
Gov’t agencies ‘defaulted’ on multi-million NIB debts By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE National Insurance Board (NIB) has had to contend with two government agencies defaulting on multimillion dollar debts owed to it with one still delinquent at year-end 2022. The social security system’s 2022 annual report, tabled in Parliament yesterday, revealed that the Ministry of Housing had “defaulted” on a near ten-year old loan where a balance of $5.88m remained outstanding at that year’s end.
And no repayments had been made for two years on what was originally a $10m facility advanced under the last Christie administration to fund construction of low-cost government homes. “During 2013, the Fund (NIB) through a memorandum of understanding with the Ministry of the Environment and Housing agreed to lend up to $10m for the Bahamas National Housing Construction Project,” the annual report stated, noting that the final $300,000 drawdown occurred in 2017.
“The loan will be repaid from mortgages issued through lending institutions other than the Bahamas Mortgage Corporation. No principal repayments were made in 2022 and the loan is in default.” Nor were any payments made in 2021. The NIB annual report’s fine print also revealed that Bahamian taxpayers, via the Government, had to step into the breach and plug the hole when the Education Loan Authority defaulted on repaying $15m in bond principal that came due on August 15, 2020.
The Government, to ensure NIB and the Bahamian people, who are its beneficiaries, are repaid issued a promissory note to the social security system’s benefit where it would be repaid its $15m via five installments of $3m “no later than September 16, 2023”. Some $7.529m was left to be paid at yearend 2022 and, because these are the latest financials to be released, it is uncertain whether that deadline has been met.
SEE PAGE B11
Space X landing ‘opens up space tourism for nation’ By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net THE deputy prime minister yesterdays said hosting the landing of a SpaceX rocket booster gives The Bahamas a platform to enter a space tourism sector expected to generate $14bn globally by 2030. “It is a symbol of progress, innovation and the boundless potential of this nation,” former NASA rocket scientist and founder and CEO of STEMBoard, Aisha Bowe said yesterday. “This is not a rocket landing. It’s about opening the door to a multi-billion dollar space industry that will create new
CHESTER COOPER opportunities for tourism, technology and investment. By 2030, space tourism alone is expected expected to reach $14 billion. And right now, every year, over a million and a half people visit Florida’s Space coast
SEE PAGE B11
‘Due diligence done’ on Fox lease for Balmoral Island By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net DEPUTY Prime Minister Chester Cooper said the Davis administration “has done its due diligence” prior to leasing a portion of Balmoral Island to Adrian Fox for part of his proposed $300m resort project. Speaking to reporters yesterday, Mr Cooper said any party that may “feel aggrieved” by a decision
the government makes is welcome to take legal action but he is “confident” the matter will be resolved and the development will move forward. “The government has done its due diligence. The courts are available to anyone who may feel aggrieved by any decision the government makes. I’m confident that any concern will be settled and the
SEE PAGE B12