The Pine Island Cascarilla Project
Pine Islands – Forest/Mangrove Innovation and Integration
Bahamian cascarilla “Croton eluteria” is one of the most exported produces in The Bahamas. Recognized globally for the strength of its essential oil, medicinal uses & high commercial value, The cascarilla industry plays a crucial role in diversifying the economies of Acklins and Crooked Island. However, a lack of processing facilities in the country has affected the rate of development of the industry & the financial return that the community has received. The Bahamas Development Bank is committed to Sustainable Development that improves quality of work and provides greater returns for Bahamians
Facility Financing for Local Impact
Through Component 4 of the GEF funded Pine Islands Sustainable Livelihoods Project, The Bahamas Development Bank in collaboration with the Ministry of Agriculture, Bahamas Agricultural and Industrial Corporation (BAIC), Bahamas Agricultural and Marine Science Institute (BAMSI), the Department of Cooperatives, the Department of Forestry, Bahamas Environment Science and Technology Commission (BEST) , Caribbean Agricultural Research and Development Institute (CARDI) are working together to industrialize Cascarilla production. The bank intends to finance a cascarilla distillation facility which will allow locals on the island to process the cascarilla bark and produce cascarilla oil locally. This investment is designed to increase the economic benefit of locals from industry and will generate long term social and economic benefits for the communities of Acklins and Crooked Island.
The facility investment will strengthen the resilience of the cascarilla industry and in turn build up the infrastructure and economy on the island of Acklins. This project provides co benefits such as gender inclusion, environmental considerations, climate innovation, & social inclusion through training, job creation & skill development. Thus, BDB will foster entrepreneurship, supports small-scale farmers and harvesters, and create skilled employment opportunities across the cascarilla value chain.
