FAO and BDB Further Women's Entrepreneurship in The Bahamas
The Food and Agriculture Organization of the United Nations (FAO) and the Barbados Development Bank (BDB) have laid the groundwork for gender equality initiatives promoting financial inclusion and empowerment in the region. FAO and BDB implemented the Joint SDG Fund Programme on Building Back Equal through Innovative Financing for Gender Equality and Women’s Empowerment. Over an eight-month period, the project piloted innovative financing tools designed to support gender equality and provide women and youth entrepreneurs in The Bahamas. The project’s objectives included reducing financial risks for these groups and accelerating progress towards the Sustainable Development Goals (SDGs).
Launched in February 2024, the project responded to the structural challenges with gender equality and sought to reshape the financial landscape in favor of women and youth. The project focused on developing of tools tailored to the needs of women-owned micro, small, and medium enterprises (MSMEs) within the tourism and agri-food sectors in The Bahamas.
As part of their commitment to the project, BDB designed financing instruments specifically for gender equality, and the provided on-the-job training for financial institutions on how to best support women-owned MSMEs. These efforts were further strengthened by the creation of standardized tools, indicators, and frameworks aimed at regulating, measuring, and promoting gender lens investing.
One of the key outcomes of this partnership was the implementation of a gender financing instrument that offers both grants and debt funding. Through the launch of both a Debt Program and a Grant Program, the initiative equipped women and youth with the resources and support needed to thrive in their entrepreneurial ventures. This dual approach not only supports individual entrepreneurs but also fosters broader community development.
To date, 205 individuals applied for the program, with 120 receiving specialized training from the University of The Bahamas. Out of these, 10 businesses have been shortlisted for a pitch competition, 15 have been accepted for internships, and eight mentors are actively worked with the cohort over a six-month period. This broad engagement spans across the islands of New Providence, Abaco, Andros, Exuma, Grand Bahama, and Eleuthera.