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November 24th, 2010 - The official contract signing for the Bahamas Virtual Platform project took place on November 24th, 2010 at IDB House, East Bay Street. The Bahamas Virtual Platform Project is financed by the Inter-American Development Bank, through the IDB Group’s Multilateral Investment Fund (MIF). The objectives of the Bahamas Virtual Platform Project are aligned with the MIF’s goal to promote inclusive growth through private sector development. Funding for the project has been provided in the form of a $313,570 grant, which together with counterpart financing of $186,050 gives a total project cost of $500,000.
The Bahamas Virtual Platform Project seeks to strengthen the local handicraft industry through the development of an online marketplace, and the expansion of benefits to all members of the Bahamas National Craft Association. The project also encompasses a training component for local artisans. The development of a virtual platform for the Bahamas National Craft Association will provide handicraft artisans with access to new markets and select regional and global sources for raw materials.
Mr. Oscar Spencer, IDB Country Representative, stated that “he was excited about the Bahamas Virtual Platform project and the opportunity it presents to strengthen and sustain diversified industry growth across the islands of The Bahamas.”
The executing agency for the project is the Bahamas Chamber of Commerce. Mr. Khalis Rolle, President of The Bahamas Chamber of Commerce, stated that “the Craft Industry is a key component of our Tourism product and the Chamber is excited about the opportunity to contribute to this innovative and meaningful effort. The economic impact for the country and the economic development of the Family Islands are significant”. To execute this project the Bahamas Chamber of Commerce has co-partnered with The Bahamas Agricultural and Industrial Corporation (BAIC), and will establish strategic partnerships with the Bahamas National Craft Association (BNCA) and the Ministry of Tourism and Aviation. The Bahamas National Craft Association was established in 2006 during the Ninth Annual BahamaArts Festival. The association boasts a 30 member association and an individual membership of 1,000. Mr. Edison Key affirmed that “the project strategy complements the Government’s effort to rally the industry around a structured approach to the establishment of industry standards, marketing and addressing the over-reliance of imports.”
For more information about the Bahamas Virtual Platform Project please go to http://www.iadb.org/en/projects/project,1303.html?id=BH-M1008.