The Jamaican Minister of Finance and Planning, the Hon. Dr. Peter Phillips, reportedly announced in the House of Representatives that the Development Bank of Jamaica (DBJ), a government-owned development bank, will commit JMD 2 billion (USD 20 million) to the micro- and small business sector during fiscal year (FY) 2013/2014, which ends on March 31, 2014. This represents an approximate tripling of the JMD 650 million (USD 7 million) that DBJ disbursed in the form of 850 loans to entrepreneurs during FY 2012/2013.
Mr Phillips acknowledged that DBJ “is aware that the increase in the pool of funds will only be effective if there is increased access to entrepreneurs,” and reportedly plans to reach out to credit unions across Jamaica to review their needs and work to bring these unions and their members into the sector. Additionally, DBJ reportedly plans to work to roll out unspecified “new and innovative loan products designed for different sectors of the economy.”
DBJ reported total assets in FY 2011/2012 of JMD 48.9 billion (USD 490 million).
By Makai McClintock, Research Associate
About The Development Bank of Jamaica (DBJ)
Owned by the government of Jamaica, DBJ is mandated to foster the growth of “strategic” economic industries in the country with a special emphasis on developing the micro-, small and medium-sized enterprise (MSME) sector. DBJ was formed in 2000 as a result of the merger of the Agricultural Credit Bank of Jamaica and the National Development Bank of Jamaica Limited. In 2006, DBJ merged again with the National Investment Bank of Jamaica. As of 2011, DBJ reported total assets of JMD 49 billion (USD 518 million).
Sources and Additional Resources
Jamaica Information Service, “DBJ to Provide $2 Billion for Micro and Small Business Sector,” http://www.jis.gov.jm/news/leads/33600
MicroCapital, 7 March 2013: “MICROCAPITAL BRIEF: Development Bank of Jamaica to Launch Mobile Money Pilot Project in Partnership with Transcel, Alaric, National Commercial Bank,” https://www.microcapital.org/microcapital-brief-development-bank-of-jamaica-to-launch-mobile-money-pilot-project-in-partnership-with-transcel-alaric-national-commercial-bank/
MicroCapital, 16 October 2012: “MICROCAPITAL BRIEF: 15 Caribbean Microfinance Institutions to Benefit from $2m Phase Two of Caribbean Microfinance Capacity Building Project (CARIB-CAP II),” https://www.microcapital.org/microcapital-brief-15-caribbean-microfinance-institutions-to-benefit-from-2-million-phase-two-of-caribbean-microfinance-capacity-building-project-carib-cap-ii/#more-20465
MicroCapital, 10 November 2011: “MICROCAPITAL BRIEF: Scotia Group Regroups in Jamaica: New Microfinance Provider CreditScotia to Take Over Offices of Micro Enterprise Finance Limited (MEFL),” https://www.microcapital.org/microcapital-brief-scotia-group-regroups-in-jamaica-new-microfinance-provider-creditscotia-to-take-over-offices-of-micro-enterprise-finance-limited-mefl/#more-15547
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