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Friday, February 20, 2026
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Gov’t defies Opposition on $265m bond proceeds BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government has ignored Opposition protests by injecting the majority of $300m in surplus bond proceeds into the National Investment Fund with its direct debt having now breached the $12bn threshold. The Ministry of Finance, unveiling its report on fiscal developments for the first quarter of the 2025-2026 Budget year, confirmed that $265.3m of the surplus $300m generated by last year’s $1.067bn external foreign currency bond issue have been placed into the National Investment Fund to help finance critical infrastructure projects -despite the Free National Movement’s (FNM) arguments that such a move must first be approved by Parliament. And, according to the report, the Davis administration is also treating the $265.3m as “equity” even though it seemingly
Put into National Investment Fund despite Parliament approval call
represents the proceeds of borrowing given that a bond is a debt security, or IOU, obligating the issuer to repay investors interest and principal. However, the National Investment Fund injection is classified as “equity” in the fiscal summary for the three months to end-September 2025. “The financing position also includes the $265.3m that was placed into the National Investment Fund to be used for strategic infrastructure investments,” the Ministry of
Govt’s direct debt breached $12bn threshold at endSeptember ‘25
Finance affirmed. “Approximately $265.3m was placed in the National Investment Fund to be used for strategic investments in infrastructure.” This move, though, has been the subject of political controversy both inside and outside the House of Assembly. With the first $767m generated by last years bond placement used to rollover, or refinance, existing debt, the Opposition has said it has no problem with using the excess $300m as the Government plans to do via the National
Freeport ‘made for’ Marketplace but questions over ‘mechanism’ BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Grand Bahama Chamber of Commerce’s president yesterday asserted that Freeport “was made” for the Government’s proposed Afro-Caribbean Marketplace although he questioned “the mechanism” being used to create it. Dillon Knowles told Tribune Business that, while he and the Chamber support the concept of a establishing a large product emporium to attract international trade
and buyers, they have have reservations about the Government’s use of its compulsory acquisition powers to purchase the International Bazaar site for the development. Warning that this could deter private sector investment, and is a concern Freeport has experienced before, Mr Knowles also argued that it would be preferable for the Government to act as facilitator for the Marketplace’s development rather than as the actual developer/investor itself.
He and the Chamber urged “caution” if the Government continues in the latter role given The Bahamas’ historic challenges with state-owned enterprises (SOEs), which they described as having a “mixed” financial performance track record at best, and suggested that it would be better for private sector investors to ultimately take over and spearhead the Marketplace’s build-out. Agreeing that redevelopment of the International Bazaar property “is in the long-term best interest of
Gov’t ‘comforts’ energy reform partners on BPL BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government has issued a ‘comfort letter’ promising BISX-listed FOCOL Holdings and all renewable energy generation providers that itself and Bahamian taxpayers will step in if Bahamas Power & Light (BPL) is unable to meet its financial obligations to them. Included in the 3,260 pages of documents released yesterday by the Prime Minister’s Office, and which detail the Davis administration’s energy reform dealings and
negotiations, was a standard letter promising that the Government will inject cash or loans into BPL should the state-owned energy monopoly be unable to pay any of the private sector producers for electricity purchase from them. The document was labelled as a ‘form of letter of comfort’, a document typically designed to secure a borrower or party’s ability to pay, rather than a government guarantee. “This letter is not a guarantee,” it stipulated, likely in a bid to ensure any financial support provided to BPL
GUARANTEE - See Page B6
DPM slams ‘completely false’ Epstein e-mails BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE deputy prime minister yesterday slammed as “completely false” e-mails circulating on social media which allege he met the convicted paedophile financier, Jeffrey Epstein, who was then eager to donate $200,000 to his upcoming political campaign. Chester Cooper, also minister of tourism, investments and aviation, said there were major questions over the e-mails’ authenticity given that the first batch were purportedly sent on Tuesday, March 14, 2016, and Monday, March 20,
CHESTER COOPER 2016. He said the days were inaccurate, as the correct ones for that year and date were Monday and Sunday - something this newspaper was also able to confirm. Tribune Business research also called into question
DENIAL - See Page B12
Central Bank advances at limit; $57m loaned to Gov’t enterprises
Investment Fund. Rather, its objections lie with the mechanism the Government is using because it believes it must first, under the constitution and statute law, place all borrowing proceeds in the ‘consolidated fund’ and then obtain Parliament’s permission for how they are used. Kwasi Thompson, the Opposition’s finance spokesman, previously voiced fears voicing fears that the Government would circumvent the
BAHAMAS POWER & LIGHT (BPL)
Bahamas Grid takes ‘sole dominion’ over BPL’s grid revenues despite $75.2m ‘cap’ Grid owner’s manager granted ‘first lien’ BPL ‘liable’ if expenses exceed revenue And must ‘use all authority’ to collect bills BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Grand Bahama”, Mr Knowles and the GB Chamber said in a statement: “If this initiative forms part of a broader strategy to position Grand Bahama as a gateway for African and other global trade in the region, it is a positive and forward-thinking concept. “However, the Chamber does not support the use of compulsory acquisition except in cases where projects deliver essential public services. The prospect of compulsory acquisition can discourage private investment, and Freeport has historical experience with this concern. “If the Government has identified a private investor with both the interest and
THE Government has given a majority private sector-owned company “sole dominion and control” over electricity grid revenues with Bahamas Power & Light (BPL) reduced to merely a billing and collection agent, documents released yesterday reveal, although this income is “capped” at $75.16m for the first five years. Details of Bahamas Grid Company’s 25-year deal to take over New Providence’s electricity grid, or transmission and distribution network, were finally disclosed in a massive 3,260-page document release by the Prime Minister’s Office following several days of controversy over the Government’s failure to meet previous promises of full transparency over its wide-ranging energy reforms. Prime Minister Philip Davis KC was seemingly contradicted by Jobeth Coleby-Davis, minister of energy and transport, over whether the Bahamas Grid Company documents, in particular, had been disclosed and - with a general election looming - the Government seemingly sought to end the matter with a ‘document dump’ similar to the US Justice Department’s release of all files relating to the late convicted paedophile financier, Jeffrey Epstein. A so-called servicing agreement, signed by BPL and Bahamas Grid Company on
DEVELOP - See Page B8
DEAL - See Page B9
ADVANCE - See Page B10