DBJ targets $26.4 billion in investments for 2019/20
KINGSTON, Jamaica — Development Bank of Jamaica (DBJ) programme initiatives for 2019/20 are projected to facilitate engagements targeting 220 new companies and investments totalling some $26.4 billion.
According to the 2019/20 Jamaica Public Bodies Estimates of Revenue and Expenditure, the entity’s activities are expected to yield loan disbursements totalling about $7.6 billion, as against $3.8 billion for the just-concluded financial year.
The entity said the 2019/20 initiatives are consistent with its continued focus on aligning its activities with the Government’s economic growth targets. As such, it will focus on developing an entrepreneurial ecosystem, correcting market failures in the financial sector, divesting government assets, and facilitating public-private partnerships.
Specifically, the DBJ said it will seek to improve the number of loans provided to the micro, small- and medium-sized enterprises (MSMEs) through financial and non-financial products as well as policy advocacy.
The entity also plans to implement a digital strategy to improve its brand awareness in the marketplace by, among other things, conducting a business process review to assist in the restructuring and redesign of processes and procedures.
It also plans to 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.
In tandem with the increased workload, there are plans to increase the DBJ’s staff complement by six to a total of 133.
The DBJ provides financing, privatisation services and technical support solutions to the Government and the private sector. Appropriate financing solutions are channelled to large projects and MSMEs, through partner-approved financial institutions and other financiers such as microfinance institutions.
— JIS
