National Investment Fund Act No. 41 of 2022.

The purpose of this Act is (a) to authorize the establishment of a national investment fund for a purpose specified in section 4(2) and to set forth the principles of the management and activities of a fund and any sub-funds established thereunder: (i) for the purpose of domestic, cultural and societal advancements in the blue, green and orange economies of The Bahamas; and (ii) to provide a legacy for future generations of the citizens of The Bahamas; (b) to provide for the management of the natural resource wealth of The Bahamas and private investments held by the Government of The Bahamas for the present and future benefit of its people in an effective and efficient manner by: (i) ensuring that investments and private share holdings of the Government are managed professionally for the long term benefit of citizens of The Bahamas;(ii) ensuring that revenues from the natural resources and elements of the The Bahamas contribute to the economic certainty of the country; (iii) fairly transferring natural resource wealth across generations to ensure that future generations benefit from natural resource wealth; and (iv) using natural resource wealth to finance national development priorities including any initiative aimed at developing the blue, orange and green economy and infrastructure of the country.
This Act lays down provisions on the establishment of National Investment Funds and sub-funds; appointment of a Board of Governors for a fund and its powers and functions; the investment mandate on the management of a fund; appointment and functions of the Investment Committee; and the annual audit of the fund. Article 4 states that any national investment fund may be established for one of the following purposes: (I) the development of national infrastructure and public improvement projects; (II) a public development and advancement project related to the blue, green and orange economy; (III) to receive revenues derived from national assets and resources in public-private partnerships; (IV) to receive revenues derived from share ownership of the Government in private companies; (V) to receive revenues derived from royalty payments received from the exploitation of natural resources pursuant to the Biological Resources and Traditional Knowledge Act; (VI) to receive revenues derived from the trading of carbon credits; and (VII) such other sovereign assets or activities as may be specified by the Minister by order, subject to the affirmative resolution of both Houses of Parliament.