GOV’T TO CREATE $15M SPV INTERMEDIARY FOR EGG PLAN

THE Government will create an off-balance sheet special purpose vehicle (SPV) to facilitate the $15m project designed to drive The Bahamas to 100 percent self-sufficiency in egg production.

Clay Sweeting, minister of agriculture, marine resources and Family Island Affairs, told the Golden Yoke initiative’s launch that the SPV will contract with farmers who will be responsible for managing the egg-laying chick grow houses and commercial aspects of their operation.

The SPV will also be responsible for making the initial investment in the project, and will purchase the eggs from the farmers and sell them on to food wholesalers and retailers. Detailing a three-phased project, Mr Sweeting said: “Firstly, the project will see the construction of six grow houses in New Providence that are turnkey operations. The special purpose vehicle will provide the building, the layers, the vet services and other inputs. “The contracted farmer will monitor and care for the investment. Upon production, the contracted farmer will sell all the eggs to the special purpose vehicle who will deduct the costs of the inputs and pay the profits to the farmer. The special purpose vehicle will sell the eggs to the wholesaler for distribution on every food store shelf throughout the country.”

The second and third phases are focused on the