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Finance Ministry launches $50m jobs project

The Ministry of Finance is looking to increase the productivity of the Bahamian workforce with a new $50m initiative, partly financed by the Inter-American Development Bank (IDB). 

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TheBahamasInvestor.com
Friday, July 27, 2018
Friday, July 27, 2018

The Ministry of Finance is looking to increase the productivity of the Bahamian workforce with a new $50m initiative, partly financed by the Inter-American Development Bank (IDB).

The IDB has agreed to loan The Bahamas $20m for the Skills for Future and Current Jobs in the Bahamas Project, with the official signing taking place yesterday at the Ministry of Finance.


Deputy Prime Minister and Minister of Finance Peter Turnquest called the scheme “vitally important” and said it would target the unemployed and school-leavers. “The overall objective aims to increase employment and improve access to quality jobs for Bahamians, especially the youth.”

The project will target three industries in particular – shipping and maritime, medical services and information technology.

It will expand the National Training Agency’s current pre-apprenticeship courses, offering placements to an additional 1100 participants and selecting a further 1350 trainees for advanced programmes.

The project will also create labour market intelligence systems to collect and analyse real-time information on the workforce in individual sectors, identifying skills gaps and tracking market needs.

“This will give rise to the introduction of modernised technology and the application of international best practices to create effective means of uniting all players in the labour market,” said Turnquest. “There is an emphasis on creating robust statistical data and making it more accessible.”

The remaining component of the scheme focuses on better job matching to link employers with employees.

Turnquest said the new initiative was key as the government is anticipating economic growth in the near future, adding: “We need our workforce to be prepared for the opportunities and to drive the new wave of growth in the medium and long term.”

Newly elected president of the Caribbean Hotel and Tourism Association (CHTA), Patricia Affonso-Dass, has spoken of the need for a cohesive regional approach.

Minister of Labour Dion A Foulkes recently met with officials from Carnival Cruise Lines, as the Government looks to partner with the company to increase Bahamian employment.

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