By the end of November, the Bahamas Development Bank (BDB) will be in a position to begin issuing money to businesses it has held in its funding pipeline thanks to a $30 million capitalization for the bank from the African Export-Import Bank, BDB Chairman Senator Quinton Lightbourne said Friday.

Lightbourne said there are several businesses in the pipeline that will be helped by this first capitalization of the bank in almost two decades.

"Today, I stand before you to address a momentous occasion in the history of The Bahamas, and at the Bahamas Development Bank, an institution that has played a pivotal role in the shaping of the economic landscape of our beloved nation," said Lightbourne.

"... We gather here to witness the historic transformation, a new day at the Bahamas Development Bank.

"It has been a long and arduous journey for the Bahamas Development Bank since the last capitalization approval in 2005."

He said the new management of the bank has "essentially rebuilt" the institution and brought best practices and policies to its operation and governance.

"The impact of this capital infusion will reverberate throughout our beautiful country, not just within New Providence," said Lightbourne.

"The Bahamas Development Bank is a development bank for the entire nation and we are committed to ensuring that every chance at every corner and every island within our archipelago that the benefits of this realization is revitalized.

"We are currently collaborating with partners to create real time opportunities for business growth, particularly focusing on Family Island development.

"We are dedicated to enhancing food security, by investing in smart cultural solutions, reducing our dependency on imports, and increasing our exports by expanding the value-added manufacturing sector.

"Moreover we aim to diversify and expand our tourism product through unforgettable experiences for our visitors."

According to Lightbourne, the bank will also continue with a strong focus on energy efficiency and renewable energy so as to remain aligned with the Progressive Liberal Party's Blueprint for Change, which he said is rooted in the UN's Sustainable Development Goals of 2030.

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