A $30 million loan is designed to ease red tape for citizens, businesses and facilitate the flow of information shared by government institutions in a transparent fashion
The Bahamas will boost competitiveness by reducing the time and cost of carrying out administrative procedures with the government, by encouraging digital transformation of the public sector with a $30 million loan from the Inter-American Development Bank (IDB).
By 2025, the goal is to increase by 70 percent the number of people using online government services to obtain a certified copy of their birth certificate and use the property registry. The project also calls for the design and implementation of a cloud-based service for the government that will allow other public institutions to have access to infrastructure shared e-government apps throughout the Caribbean island nation. A data analysis office will be created to support the design and management of public policies.
The plan will finance the easing of administrative procedures and online access to reduce costs; increase the use of information and communications technology in the public sector, instill more transparency in government operations and boost auditing and oversight tools.
Over the past 10 years, The Bahamas has endured a prolonged stretch of economic stagnation, with average annual GDP growth of just 0.5 percent. The Bahamian economy remains dependent on tourism, which directly or indirectly accounts for 46.1 percent of economic output, and financial services, which contribute 15 percent of GDP. Efforts to promote economic growth by attracting foreign investment and facilitating local business activity have been hampered by the country's limited competitiveness.
The goal of this project is to promote and encourage the use of IT in the public sector and thus reduce costs for people and companies dealing with the government and enhance transparency in government operations. It is also believed that the project will have a positive impact on The Bahamas' competitiveness ranking compared to other countries. This reduction of processes and requirements for the completion of procedures will have a positive impact on the competitiveness rating of The Bahamas with respect to that of other countries.
The IDB’s $30 million loan is payable over 24 years, with a grace period of six and a half years and an interest rate based on LIBOR.
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.
IDB Project Team Leader