NASSAU, Bahamas — A prominent businessman is urging Bahamian investors and those with overseas capital holdings to “bring some of that back and help rebuild the local economy” in COVID-19’s wake, The Tribune, one of The Bahamas’ leading newspapers, reported on Thursday, April 16.
Sir Franklyn Wilson, the Arawak Homes and Sunshine Holdings chairman, told Tribune Business in a recent interview it was his “hope and prayer” that the recent international thrust encouraged by the Central Bank’s gradual exchange control loosening will be reversed to help rescue both Bahamian businesses and the wider economy in the pandemic’s aftermath, according to the article written by Tribune Business Editor Neil Hartnell.
“Arguing that many companies may need new equity investment, in the shape of fresh owners and partners, to revive as opposed to borrowing, Sir Franklyn said The Bahamas needed to go beyond ‘just talk and really rebuild together’ to ensure its economy can rebound from the steepest contraction in living memory,” the article stated.
Sir Franklyn was quoted as saying: “My view is that the country is going to be so challenged to restart after COVID-19 that I believe there are going to be significant companies in The Bahamas where, to get them restarted, it’s not going to be a question of them borrowing more money. It makes more sense for them to think of stronger partnerships. To that extent, my hope and prayer is that investors that do have some capacity locally will use that capacity to help rebuild the country and rebuild companies. When I talk about building capacity this may be having the capacity to help rebuild local businesses.”
Sir Franklyn, whose RoyalStar Assurance acquired nearly one-third of a Cayman-based insurance broker last October before the COVID-19 threat ever emerged, also called on Bahamians with capital and assets overseas — such as monies invested via the Central Bank’s exchange control liberalisation initiative — to repatriate them and invest in this nation’s economic recovery. See full story in The Tribune at http://www.tribune242.com/news/2020/apr/16/bahamian-investors-our-nation-needs-you/?fbclid=IwAR2c5vt1hVgwteaMvoZTk_RTuIihr0j2GGjtQRsJj-yGov_mcQmG1rwOW0g
