Development Bank of Jamaica Limited (DBJ)
The Development Bank of Jamaica Limited is a corporation that is wholly owned by the Government of Jamaica and is mandated to foster economic growth and development of strategic sectors of the Jamaican economy.
It was created in April 2000, from the merger of the Agricultural Credit Bank of Jamaica Limited and the National Development Bank of Jamaica Limited. The operations, assets and liabilities of the National Investment Bank of Jamaica (NIBJ) were further amalgamated with the DBJ on September 1, 2006.
The DBJ’s aim is to facilitate the growth and development of all viable enterprises in the productive sectors of the Jamaican economy. These sectors include agriculture and agri-processing, manufacturing, information technology, mining and quarrying, energy, services and tourism.
In fulfilling its mandate, the Bank provides the following services:
Appropriate medium and long-term financing solutions [through alliances with Approved Financial Institutions (AFI) and other financiers] in a timely and efficient manner and at attractive interest rates to all entities, but with an emphasis on small and medium-sized enterprises.
Direct lending for large projects in strategic areas.
Management and privatization of national assets and investments.
The DBJ utilizes its own resources and borrows funds from external financial institutions for on-lending through its network of AFI partners.
The DBJ continues to support the Government’s focus on productivity and, for the financial year 2010/11, approved J$2.7 billion for the development of the productive sectors. Of this amount, J$2.24 billion (J$1,637 million and US$7.1 million) was disbursed for 4,430 projects in the sectors of agriculture, agro-processing, manufacturing, tourism and services.
Of the J$2.7 billion, a total of J$1.2 billion was committed and disbursed to the micro, small and medium-sized enterprises (MSME) sector by approved financial institutions (such as commercial and merchant banks, credit unions and the National People’s Cooperative Bank of Jamaica) to over 200 small and medium-sized businesses, while micro finance institutions (MFI) on-lent $228.6 million to over 4,000 micro enterprises.
This resulted in the Bank’s funding activities helping to establish nine new companies, create over 850 new jobs while maintaining close to 7,000 existing jobs.See more