laroda Highlights Government’s Efforts To Economically Empower Women And Girls Through Innovation And Entrepreneurship
apia, Samoa – Recognizing That Women’s Economic Empowerment Is “critical” To The Growth Of All Economies, The Government Of The Bahamas Continues To Develop Programms To Economically Empower Women And Girls In-country, Minister Of Social Services, Information And Broadcasting, The Hon. Myles K. Laroda, Told Delegates Attending A Commonwealth Women’s Forum Women’s Economic Empowerment Session At Chogm 2024.
this Includes The Recent Announcement (march, 2024, During International Women’s Day) By The Department Of Gender And Family Affairs, In Partnership With The Bahamas Development Bank, Of The Bank’s Intent To Disburse $30 Million Over A 12-month Period To Projects And Entrepreneurial Undertakings Rooted In Community Impact With A Percentage Geared Towards Women In Business, Along With A Number Of Other More Recent Initiatives.
“the Intended Funding Will Be The Largest Tranche The Bank Would Disburse In The Last 20 Years And Demonstrates An Unwavering Commitment To Promoting Economic Opportunities For Citizens And Creating A More Inclusive And Equitable Society,” Minister Laroda Continued.
“i Spoke Yesterday Of The Bank’s Partnership With International Partners That Launched A New Lending Product Designed Specifically For Women Entrepreneurs. I Would Like To Reiterate That The Bank, And Its Partners, Created An Academy Of Women Entrepreneurs Microloan Programme That Provides Loans Of Up To $15,000 For Women Who Have Graduated From The Academy.”
minister Laroda Was Referring To His Address At The Opening Plenary Session (monday, October 21 Samoa Time) During Which He Noted The Government Of The Bahamas’ Commitment To Enhancing The Economic Empowerment For Women Through Successful Entrepreneurship.
he Told Delegates That The Bahamas Development Bank, Which He Said Was Instituted To Help Bahamians Attain Ownership In Their Economy, Is Focusing On Sustainable Financing And Has Integrated A Robust, Proactive Approach To Gender Equity. Gender-measuring Tools To Score And Assess Application Forms Are Used To Effectively Plan And Implement Gender Mainstreaming Policies In All Aspects Of The Bank’s Operations.
mr. Laroda Said In 2021, The Bank -- Through A United States Embassy Sponsorship -- Launched An Academy Of Women Entrepreneurs Microloan Program Providing Loans Of Up To $us 15,000 For Women Who Have Graduated. Through The Bank’s Initiatives, The Bahamas Has Mobilized 1.8m Us Dollars In Gender-equitable Financing To Address Inequalities And Create Opportunities For Female Entrepreneurs.
minister Laroda Said More Recently, (september, 2024), The Government Of The Bahamas’ Small Business Development Centre (sbdc)-- Which He Explained Is Dedicated To Supporting Entrepreneurs With A Special Focus On Empowering Women -- Awarded 14 Bahamian Women Entrepreneurs $100,000 In Grant Funding.
the Grant Is A Part Of The Sbdc’s 2024 Women Entrepreneurs Initiative Which Has Awarded More Than $600,000 To 83 Female Entrepreneurs Throughout The Bahamas.
“these Women-led Businesses Range From Beauty Services To Educational And Entertainment Ventures Which Are Vital To The Fabric Of Our Economy. The Sbdc Grant Is Not Just About Providing Financial Support, It Speaks To The Recognition Of Women’s Contribution To The Growth Of Our Country’s Economy.”
mr. Laroda Told His Audience That The Government Is Helping Bahamian Businesses Grow By Consistently Allocating Budget To Fund Small Business Development And Launching Initiatives To Assist In The Blue, Green, And In Particular, Orange, Economies “consisting Of Many Women Entrepreneurs.”
“the Orange Economy Has Been A Key Focus Of The Government Of The Bahamas In Areas Impacted By Hurricane Dorian,” He Said. “we Seek To Support The Women In These Hard-hit Areas By Providing Micro Grant Programme For Orange Economy Practitioners.”
also Known As The Creative Economy, The Orange Economy Includes All Sectors Whose Goods And Services Are Based On The Creation Of Intellectual Property, Such As Design And Visual Arts, Tourism And Cultural Heritage, News Media And Software, Performing Arts, Music, And Literary Arts And Publications.
the Government Of The Bahamas Has Created The Orange Economy Unit, Which Is In Its Infancy, To Coordinate Activities And Further Develop The Bahamas’ Orange Economy. Professionals Who Fall Within This Creative Spectrum Include Musicians, Visual Artists, Playwrights, Literary Artists, And Dancers, Among Others.
“based On Intellectual Property, The Orange Economy Is Globally The Fastest Growing Economy,” Mr. Laroda Said. “the Bahamas Sees This As An Opportunity To Drive Innovation And Entrepreneurship For Bahamian Women.”
minister Laroda Listed A Number Of Other Initiatives Undertaken By The Government. These Include, The Government -- Along With Partners In Tourism And Business -- “creating An Incubator Designed To Develop, Brand And Grow Businesses - Innovate242.”
“the Project Involves The Full Gamut Of Resources Offered By Creative Professionals, From Writing A Business Plan, To Branding Businesses And Marketing Strategies. Innovate242 Will Not Only Drive Research And Development For Inventions In Climate Change, Resiliency, And Other Areas, But Will Serve As A Creative Business Center To Tremendously Benefit Bahamian Women.”
the Government Of The Bahamas Has Also Created A Trade And Industry Unit Within The Ministry Of Economic Affairs To Negotiate And Implement Bilateral, Regional And Multilateral Trade Agreements, And Administer The Industries Empowerment Act.
“this Unit Will Develop A Trade Vehicle To Encourage Economic Diversification, Job Creation, And Opportunities For Entrepreneurship For Both Women And Men, Facilitating Linkage Between The Manufacturing Sector And The Blue, Green, And Orange Economies,” Mr. Laroda Said.
“at The Close Of 13wamm (commonwealth Women’s Affairs Ministers Meeting Held Last August In The Bahamas), Ministers Acknowledged The Challenges Faced By Women-owned Small And Medium Sized Enterprises. Ministers Also Recognized The Need To Enhance The Participation Of Women In International Trade And Trade Negotiations To Redistribute Opportunities For Economic Growth In Member Countries. The Bahamas Fully Agrees.
“allowing More Women To Participate In Negotiating Free Trade Agreements Will Bring A Different Perspective That Could Contribute To Economic Growth, Poverty Reduction, And The Advancement Of Gender Equality,” Minister Laroda Concluded.
