The Development Bank of Jamaica Limited (DBJ) plans to intensify efforts to provide support for the divestment of government-owned assets during fiscal year 2024/25, primarily by facilitating private investment through the transparent execution of Public-Private Partnerships (P4) and privatisations.
Details of the programmed engagements are outlined in the Jamaica Public Bodies Estimates of Revenue and Expenditure for the Fiscal Year ending March 2025.
Emphasis will be placed on expediting transaction management and execution processes to ensure effectiveness and efficiency.
The DBJ will systematically implement supplementary initiatives in line with its mandate, encompassing policy development, capacity building and strategic monitoring of the programme.
Several privatisation initiatives are currently underway or in the planning stages.
These ventures include Braco Village Resorts, Jamaica Mortgage Bank, Montpelier (Agriculture Lands), White Marl Complex, Nutrition Products Limited, and the Agriculture Marketing Corporation.
Additionally, there are prospects in the P4 category, such as the Soapberry Wastewater Treatment Plant and National Solid Waste Management projects.
The entity also plans to enhance the micro, small and medium-sized enterprises (MSME) ecosystem by providing essential offerings such as credit guarantees, debt financing, equity financing, and institutional capacity building.
This multifaceted strategy aims to boost business development and alleviate concerns regarding access to finance that currently impede the growth of the Micro, Small and Medium-size Enterprises (MSME) industry.
To strengthen these initiatives, the DBJ plans to provide both loans and capacity-building support.
Additionally, it will consistently review its procedures to align with the evolving requirements of Jamaica’s economy, in line with country’s long-term National Development Plan – Vision 2030 Jamaica and the United Nations (UN) Sustainable Development Goals (SDGs).
This is intended to be achieved by focusing on four (4) strategic development pillars, namely, Economic, Environment, Social and People.
The Bank’s efforts are expected to attract investments totalling approximately J$40.9 billion, with loan disbursements reaching some J$9.2 billion.
This includes the equivalent of US$15.46 million and J$6.8 billion for the specified periods.
The DBJ was established in April 2000 and represents a merger of the former National Development Bank of Jamaica Limited and the Agricultural Credit Bank of Jamaica Limited.
The entity mainly provides wholesale financing to approved financial institutions and other financiers such as the microfinance institutions (MFI), which are channelled to large projects as well as MSMEs.
To this end, the Bank offers technical support solutions to businesses and provides privatisation and public-private partnership services for the Government of Jamaica.
This forms part of its mandate to facilitate and promote economic growth and development.
