Written by: Latonya Linton
The Development Bank of Jamaica will be undertaking a five-year project aimed at facilitating sustainable and robust growth among micro, small and medium-sized enterprises (MSMEs) and start-ups.
The initiative, dubbed ‘Boosting Innovation in Growth and Entrepreneurship Ecosystems (BIGEE)’ will be launched during the new financial year.
As stated in the 2020/21 Jamaica Public Bodies Estimates of Revenue and Expenditure, the project has the objectives of stimulating innovation and productivity among established MSMEs with high-growth potential, promoting sustainable and disruptive growth in scalable start-ups, and creating a sustainable pipeline of high-growth potential start-ups and supporting ecosystem for entrepreneurship.
The DBJ will also continue to provide financial and non-financial products to MSMEs to improve their financial capacity and business acumen.
This will be achieved via loans, technical assistance, grants and collateral support to the financial sector.
The Bank will be disbursing J$7.393 billion in loans to MSMEs, comprising US$15.36 million and J$5.318 billion.
Additionally, the entity will pursue the divestment of Government of Jamaica (GOJ) non-core assets and improve the utilisation of current State assets to reduce the Government’s expenditure through private-public partnerships (PPPs).
Accordingly, privatisation activities will continue in respect of Jamaica Mortgage Bank, Nutrition Products Limited and the Government’s shareholdings in Jamaica Public Service Company (JPS) Limited.
These activities will contribute to the GOJ’s policy objective to improve broad-based ownership of former GOJ assets, while benefiting from private-sector investment.