Riyadh, Saudi Arabia — The Saudi Fund for Development (SFD) and Bahamas have signed a $10 million agreement to build state-of-the-art business incubation centers across three idyllic islands in the Bahamas.
With the primary aim of bolstering the tourism industry, these centers will serve as nurturing hubs for new business projects, fostering entrepreneurship and supporting the growth of small businesses, SFD said in a statement.
The agreement is part of SFD’s efforts in supporting sustainable economic growth in developing countries and Small Island Developing States (SIDS). This is SFD’s inaugural foray into The Bahamas, making it the 89th country to receive funding for a development project from SFD.
The project will be rolled out across three key locations, with Nassau Island set to accommodate 50 small businesses, Exuma Island to house 25 small businesses, and Grand Bahama Island to host an additional 25 small businesses.
The infusion of funds and the establishment of these dedicated incubation centers are expected to breathe new life into the local economy, create direct and indirect employment opportunities, and support the achievement of the United Nations’ Sustainable Development Goals (SDGs), specifically SDG 8, Decent Work and Economic Growth, and SDG 9, Industry, Innovation, and Infrastructure, the statement reads.
The agreement was inked at the SFD’s headquarters in Riyadh by Sultan Al-Marshad, Chief Executive Officer of SFD, and Isacc Chester Cooper, Deputy Prime Minister and Minister of The Bahamas Ministry of Tourism, Investments & Aviation.
As the project unfolds, it is expected to create ripples of positive change throughout the islands, elevating The Bahamas’ status as a prime tourist destination and propelling it towards a brighter, more sustainable future.