Revitalization of the Sponging Industry (IADB-BH-M1013)

Countries
  • Bahamas
Where the impacts of the investment may be experienced.
Specific Location
Andros
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Inter-American Development Bank (IADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 15, 2015
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
The Bahamas Agricultural Industrial Corporation
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 0.54 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 1.12 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IADB website

Updated in EWS Jun 22, 2017

Disclosed by Bank Jan 15, 2016


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
The objective of the Technical Cooperation project is to assist the spongers in The Bahamas to increase their global market share through the following activities: i) surveying the current state of the Bahamian sponge industry to look at the sustainability and capacity of the natural resource. ii) Investigating avenues of sustainable growth of the industry for sponge farming and expanded use of the total sponge. iii) Educating and training the spongers in methods to grow their sponging businesses which will involve technical and business training. iv) Marketing and promotion of the Bahamian Sponging industry both locally and internationally to maximize the opportunities for job creation and increased income. v) Strengthening of the Fisheries Alliance Association to develop among the members high standards of conduct, practice and responsibility in the pursuit of their trade.
Investment Description
  • Inter-American Development Bank (IADB)
The total cost of this non-reimbursable Technical Cooperation project is USD 1,118,150. The IDB will finance up to USD 540,000 through the Multilateral Investment Fund (MIF), and Country Counterpart Financing will provide up to USD 582,700.
Contact Information
ACCOUNTABILITY MECHANISM OF IADB The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).