The Government has secured a non-reimbursable grant from the Inter-American Development Bank in the amount of $500,000 to finance a three-year technical cooperation project with a particular focus on the Digital Economy and the Blue Economy.
For small island states such as The Bahamas, although traditional industries and sectors - fisheries, maritime transport and coastal tourism - represent a large portion of economic activity, articulating a strategy around our blue economy also enables identification and diversification into many other new and emerging ocean-based activities and sectors, including marine aquaculture, seabed mining, maritime safety and surveillance, marine biotechnology, marine security offshore wind energy, ocean renewable energy and deep-sea oil and gas production.
As the global economy begins to rebound, the government is supporting a more diversified approach to the cruise industry: one that engages more small ships and premium/luxury lines, especially for sailings to lesser trafficked locations in the Family Islands. The initiation of homeporting and Bahamas-centered itineraries will support the early restart of cruise activity, the expansion throughout the islands, and the growth of linkages for local supply chains.
The budget website is inspired by a worldwide movement towards citizens budgets. Presented by the Ministry of Finance, it is a visual, interactive and less-technical version of the annual budget that promotes accessibility, inclusion, transparency and accountability.