A proposal to acquire funds from China's $3 billion investment fund will be made on behalf of The Bahamas, Prime Minister Perry Christie said at the first ministerial meeting of the Forum of China and the Community of Latin American and Caribbean States (CELAC) in Beijing, China on Thursday.
"Mr. chairman, I return to the themes raised by my predecessor CARICOM Chair Prime Minister Gaston Browne at the meeting of the Heads of States and Government of China and CELAC on July 17, 2014 in Port of Spain, Trinidad and Tobago, welcoming the $3 billion commitment on China's part for investment on concessional terms," Christie said.
"We will be raising at the conference the proposal to use this funding for budget support, as well as debt restructuring and refinancing."
In addition, Christie said the Bahamian government will also be promoting opportunities for investment in the energy sector, gas exploration, mining, forestry, tourism, airline services, financial services, agriculture and fisheries.
He explained that given that energy, water, sanitation, coastal protection and the protection of critical coastal infrastructure are central to the capacity of CARICOM countries, all efforts must be considered to mitigate the effects of climate change.
"The reality is that a five foot rise in sea level would eliminate 80 percent of The Bahamas. Climate change is real for The Bahamas, it is a threat to our very existence," he said.
"In this context, we actively encourage the building of the Sino-Latin American and Caribbean Cooperation Fund to provide resources according to the needs and priorities of the recipient countries."
Christie said CARICOM countries desire to see greater participation of emerging market economies based on "legitimacy, fair representation, responsiveness and flexibility".
Currently, the criterion for allowing or denying access to concessional financials is based on GDP per capita income.
Christie said CARICOM is pushing to eliminate this practice, as it does not adequately reflect the disparities and differences in development with the various islands.
Finally, he voiced the Caribbean Community's wish to deepen and strengthen the relationship with China.
The Bahamas will host the Intercessional Meeting of the Heads of Government of CARICOM on February 26 and 27.
Christie said during that time a major focus will be on the development of human capital.
He said the future of CARICOM countries would be "greatly enhanced" by increased investment in young people in the areas of education, culture and sports.
The CELAC-China Forum was established with the objective of promoting political, economic, trade, people-to-people, social and foreign co-operation between China and the Caribbean and Latin American countries.
It is made possible in part by the US$20 billion fund, which the Chinese government has set aside for infrastructural development through concessional lending, as well as through the diplomatic channels that have been fostered and nurtured in recent years.
According to the International Monetary Fund, China is now the largest economy in the world, based on purchasing power parity. China also has the largest foreign reserves in the world.
Christie said these statistics confirm what The Bahamas and the sub-region already knew -- that China is a significant source of investment capital and has established itself as a worthy economic partner.
In other news from China, Christie met with the Premier of the State Council of the People's Republic of China, Li Keqiang on Thursday afternoon following his inaugural address to China/CELAC delegates.
Christie raised the issue of the execution of local infrastructural projects. He also introduced talks of another national gift to the Bahamian people in the form of a multipurpose indoor stadium to facilitate youth and cultural development in The Bahamas.
Both sides agreed that The Bahamas would draft a paper for the proposed indoor stadium for review.

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