Home » Posts tagged 'Development Bank of Jamaica'
Tag Archives: Development Bank of Jamaica
A total of US$7.2 million will be made available to micro, small and medium-size enterprises (MSMEs) in the tourism and agricultural sectors, to finance climate change adaptation initiatives islandwide.
The money, which will be in the form of loans and grants, is being provided under the Adaptation Programme and Financing Mechanism Project, a component of the Pilot Programme for Climate Resilience (PPCR) in Jamaica.
The Project is a five-year initiative which aims to increase Jamaica’s resilience to climate change, through enhancing adaptive capacity across priority sectors.
This component of the PPCR is being implemented by the Ministry of Economic Growth and Job Creation, with funding from the Inter-American Development Bank (IDB).
The initiative was formalised during a signing ceremony at Jamaica House in St. Andrew, on July 28.
The Memorandum of Understanding was signed by Permanent Secretary in the Ministry of Economic Growth and Job Creation, Audrey Sewell; Managing Director, Development Bank of Jamaica, Milverton Reynolds; General Manager, JN Small Business Loans, Gillian Hyde; and Programme Manager, Environmental Foundation of Jamaica (EFJ), Allison Rangolan McFarlane.
Speaking at the ceremony, Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Hon. Daryl Vaz, said the Government intends to increase its efforts to pursue long-term, transformative development and accelerate sustainable, climate-resilient economic growth.
“As a Government, we have pledged to protect the environment while creating jobs to drive the engine of economic growth, and we cannot allow climate change and other environmental impacts to impede us,” he said.
The Minister thanked all the partners involved in the initiative, noting that it represents an excellent opportunity to build on the work that has already begun in fostering sustainable development through partnership.
For her part, Ms. Hyde said the new loan facility will be open to qualified MSME beneficiaries who will be eligible for a loan amount between $200,000 and $5 million.
She pointed out that the loan will be available at a maximum interest rate of four per cent per annum.
For her part, Ms. Rangolan McFarlane said the money will be accessible to community-based organisations, non-governmental organisations, other civil-society groups and selected public-sector agencies, for clearly defined high-priority activities.
She added that these should be related to building the resilience of the natural environment and contributing to livelihood protection and poverty reduction.
General Manager, Country Department, Caribbean Group, Inter-American Development Bank, Therese Turner Jones, said the initiative is another in a series of partnerships to assist in the development of the country.
“We are looking to see how this pilot is going to work, so we can think about replicating this elsewhere in the region,” she said, adding that the initiative is the first of its kind in the Caribbean.
The project involves a Climate Change Adaptation Line of Credit and a special Climate Change Adaptation Fund.
The Line of Credit will provide loan financing to help MSMEs in the tourism and agricultural sectors to adapt to the impacts of climate change. The loans will be administered by the JN Small Business Loans Limited. The sum of US$2.5 million is being provided for this.
The Adaptation Fund will provide grants to adaptation and disaster risk reduction projects and finance the associated programme management costs.
Grants will be provided using the successful EFJ grant-making model. The EFJ will be the Fund Administrator for the US$4.7 million being provided.
Credit: Jamaica Information Service
Minister of State in the Ministry of Science, Technology, Energy and Mining, Hon. Julian Robinson, has lauded the Caribbean Climate Innovation Centre (CCIC) for its support of Caribbean entrepreneurs.
“This is a programme that encourages entrepreneurs to come up with solutions. You provide funding, so that they can build a solution which won’t necessarily just solve a problem in Jamaica, or the Caribbean, but which can solve problems globally,” Mr. Robinson said.
The State Minister was speaking at a cocktail reception to highlight the work of the CCIC, held at the Scientific Research Council (SRC), in St. Andrew, on September 16.
The CCIC is a joint project of the Caribbean Industrial Research Institute, World Bank and the SRC. It was designed to identify and support Caribbean entrepreneurs and new ventures that are developing locally appropriate solutions to climate change mitigation and adaptation.
Phase One of the project was highly successful, as 11 entrepreneurs were selected as proof of concept winners and awarded grants ranging from US$10,000 to US$50,000, totalling approximately US$425,000. The winners were from Jamaica, Antigua, Trinidad and Tobago, St. Kitts and Nevis, Dominica, St. Lucia and Belize.
The four Jamaican winners are Shirley Lindo, Castor Oil Briquettes; Dr. Kert Edward, Fibre Optic Solar Indoor Lighting; Robert Wright, Pedro Banks Renewable Energy; and Harlo Mayne, for his H2-Flex Hydrogen Hybrid Project.
Meanwhile, the State Minister noted that one of the challenges facing entrepreneurs is the inability to access non-banking financing, such as venture funding.
“There are some developments that are taking place in a positive way in that regard. The Development Bank of Jamaica has an initiative on venture capital, and there are a couple of private angel investor groups that have been established, all of which are positive for the development of innovation and entrepreneurship,” Mr. Robinson said.
He pointed out that the innovations that are a part of the CCIC, fit right into the plans that the Government has in terms of building a sustainable energy policy.
For his part, Executive Director of the SRC, Dr. Cliff Riley, said the CCIC is looking forward to moving on to Phase Two of the project.
“We are looking to see how we can drive entrepreneurship and create a spirit of innovation in Jamaica and in the Caribbean region,” Dr. Riley said.
Phase Two of the project will provide: proof of concept grant funding for new cohorts of entrepreneurs; training (including access to financing, market development and business incubation training); mentoring and networking opportunities; and specific business incubation services.
The project, which is housed at the SRC, caters to the Caribbean Community, including Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, and Trinidad and Tobago.
Credit: Jamaica Information Service