IDB US$450K grant to ‘strengthen institutional capacity’ in the Bahamas

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Thursday, June 27, 2013 | 2:45 PM

WASHINGTON (CMC) – The Inter-American Development Bank (IDB) has approved a US$450,000 technical cooperation grant for strengthening institutional capacity in the Bahamas.

The Washington-based financial institution said the grant was made at the request of the Government of The Bahamas.

It said the general objective of the technical co-operation is to strengthen the institutional capacity of the Office of the Prime Minister (OPM) within the Government of The Bahamas “through enhancing its long-term development planning and investment project assessment functions.”

The IDB said the specific objectives are to strengthen the capacity of the OPM to carry out a long-term National Economic Development Strategy, and to “enhance the Bahamas Investment Authority’s capacity for assessing the impact of investment projects and their alignment to the National Economic Development Strategy.”

“The lack of long-term development planning prevents investments from being strategically directed to those sectors offering greater development opportunities and thus affecting the overall performance of the economy.”

According to the IDB, the Bahamas has requested its technical assistance “to incorporate good practices from similar institutions in other small states both for the preparation of the plan and for assessing the impact of investment projects.”

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