Bahamian Independence
Bahamas Development Bank established by an Act of Parliament
Bahamas Development Bank opens its doors - The Bank became operational on July 21, 1978 with a staff of 5 in its first office located in Rawson Square on Bay Street, across from the historic House of Parliament. The Bank started with a government equity infusion of $2 million. There was so much demand in its early days of operation that the Bank had to secure additional funding from other sources like the Caribbean Development Bank ($6million), the Inter-American Bank ($3 million), the European Economic Community (EEC) ($1 million), the Central Bank of The Bahamas ($2.5 million) and the National Insurance Board ($3.5 million). Government equity in the Bank also gradually increased during its more than 35 years of operation.
The Freeport Office is established- Recognizing a need to provide development financing in the second city – Freeport, Grand Bahama, management opened a branch in Freeport on July 15, 1986. The Branch is presently located in the Jasmine Corporate Centre in Freeport, Grand Bahama. The branch Officers not only prepare loan applications, but are actively engaged in following up on the large number of delinquent customers
The Abaco Office is established - It became apparent to management that an additional office was needed in another northern island. On July 17, 1999, the Bank once again expanded its operation. This time a new branch was opened in Marsh Harbour Abaco. The office was located on Queen Elizabeth Drive and there were two persons employed on the staff at the time. Today, the branch operations in Abaco has been transferred to the Freeport Office of which both together constitute the Northern Bahamas.
The Bahamas Development Bank is recapitalized
Fund levels were inadequate and by the year 1999, the Bank was experiencing serious liquidity difficulties due to the overwhelming demand for its funds. However, in May 2000, the Bank was able to secure an additional $10 million loan from the Caribbean Development Bank. This amount coupled with a $25 million Government backed bond received from the National Insurance Board in November 2000 substantially improved the Bank’s liquidity position.
The Abaco Office is closed to streamline operations.
Re-engineering The Bahamas Development Bank
Over the years, the Bank has endured challenges that resulted in extraordinary financial hemorrhage and loan portfolio decline culminating in high proportion of non-performing loans. To correct these issues the Bank implemented a strategic plan that significantly boosted performing loans and improved the balance sheet.
The New Bahamas Development Bank
Recognizing the dynamic global landscape and the evolving role of Development Finance Institutions (DFIs), The Bank refocused to international frameworks for development. The Sustainable Development Goals, Samoa Pathway and Paris Accords are integrated into to the Banks Strategic Plan. The institution expands into targeted sectoral development and new products to better support Bahamian development. In keeping with the updated outlook, the Bank rebrands.