Development Bank Of Jamaica Programmed Initiatives For 2019/20 Projected To Facilitate Investments Totaling Some JA$26.4B And Engagements Targeting 220 New Companies.
Development Bank of Jamaica (DBJ) programmed initiatives for 2019/20 are projected to facilitate investments totaling some JA$26.4 billion and engagements targeting 220 new companies.
As stated in the 2019/20 Jamaica Public Bodies Estimates of Revenue and Expenditure, the entity’s activities are expected to yield loan disbursements totaling $7.6 billion, as against $3.8 billion for the just-concluded financial year.
Engagements being embarked on during 2019/20 are consistent with the DBJ’s continued focus on aligning its activities with the Government’s economic growth targets.
The entity will focus on three main pillars in executing its mandate.
Emphasis will be placed on developing an entrepreneurial ecosystem, correcting market failures in the financial sector, divesting government assets, and facilitating public-private partnerships.
The DBJ will, in 2019/20, specifically seek to improve the number of loans provided to the micro, small and medium-sized enterprises (MSMEs), by providing financial and non-financial products, and policy advocacy.
The entity will also implement a digital strategy to improve brand awareness in the market by, among other things, conducting a business process review aimed at aiding in the restructuring and redesign of systems to digitise processes and procedures.
It will also increase efforts to divest the Government of non-core assets; and improve the utilisation of current State assets to reduce the Administration’s expenditure through public-private partnerships, while benefiting from private investment.
The DBJ forecasts a net operational surplus of $412 million, nearly doubling the $238.1 million generated in 2018/19.
Additionally, the entity plans to increase its staff complement by six persons to 133.
The DBJ provides financing, privatisation services and technical support solutions to the Government and businesses, as it seeks to fulfil its mandate to facilitate and promote economic growth and development.
Appropriate financing solutions are channeled to large projects, as well as MSMEs, through partner-approved financial institutions and other financiers such as microfinance institutions.