The Inter-American Development Bank today announced the approval of a $3,500,000 loan to The Bahamas to improve the efficiency of land administration and land information management and to support the preparation of modern legislation and policy guidelines.
The project will include the modernization and expansion of government land administration services responsible for surveying, allocating and managing Crown Land, which is managed by the government, and for the registration and taxation of real property. Geographic information will be provided for land use planning and monitoring development.
The technical capacity of the government will be strengthened for the collection, analysis and dissemination of land information, and policy options and guidelines will be prepared for national land issues that will include feedback from stakeholders.
Among the results of the project will be faster and more efficient land titling and transfers and an increase in national revenue through more efficient tax collection.
The project reflects the IDB strategy for The Bahamas of supporting steps to strengthen the private sector, promote environmental management and modernize the state.
The project will be carried out the Office of the Prime Minister*, which is responsible for the Department of Lands and Surveys and The Bahamas Geographic Information Systems Center.
The IDB loan is for a 10-year term, with a three-year grace period, at a variable interest rate based on LIBOR. Local counterpart funds total $1.5 million.