DPM SIGNS $10M LOAN DEAL WITH SAUDI ARABIA

THE BAHAMAS yesterday signed a $10m loan agreement with Saudi Arabia that will finance the creation of business incubation centres to help develop micro and small tourism enterprises.

The Saudi Fund for Development (SFD), in a statement, said its chief executive, Sultan Al-Marshad, signed the agreement in Riyadh with Chester Cooper, deputy prime minister and minister of tourism, investments and aviation. The latter is leading a Bahamian delegation on a three-day visit to Saudi Arabia. The loan will finance the construction of business incubation centres on three Bahamian islands to support the tourism sector growth. These will accommodate 50 small businesses on New Providence, 25 on Exuma and 25 on Grand

Bahama. The centres will include on-site experiential tours, off-site excursions, retailers and local food and beverage outlets in a bid to nurture entrepreneurship and stimulate economic growth in The Bahamas and wider region. The SFD said the move signals its commitment to supporting sustainable economic development in developing countries and small island developing states (SIDS). It added that it has already implemented more than 700 development projects and programme in 88 countries, with The Bahamas now becoming the 89th nation to receive funding from the SFD.

Mr Cooper said: “This agreement marks a significant step in our nation’s journey towards sustainable growth, with the support of Saudi Arabia through the Saudi Fund be left out, no matter how minor their responsibility in the process.

5. Provide clear project check-in dates where team members understand and respect deadlines for assignments. Benchmarks and timelines are crucial in holding employees accountable. After you have delegated, do not allow employees to dump projects back in the deck. Hold them to the date and the required standard for the completed project.

6. Outline clear consequences for team members who consistently do for Development. The upcoming business incubation centres 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.”

Sultan Al-Marshad added: “SFD is committed to promoting sustainable socio-economic development in developing nations and small island developing states, while supporting the journey to achieving the not deliver on project deadlines. Watch, and manage, systemic failures to deliver

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United Nations’ Sustainable Development Goals.

“This project promises to nurture entrepreneurship in The Bahamas and stimulate economic growth through the provision of new business and job opportunities in the tourism sector. The agreement further solidifies our commitment to achieving a shared, prosperous and sustainable future for developing countries worldwide.” The agreement marks an expansion

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