$1 billion line of credit for broiler companies to boost production post-Beryl
KINGSTON, Jamaica— The Government is providing a $1 billion line of credit to larger broiler companies for on-lending to farmers at 7.5 per cent interest.
The loans will be made available through the Development Bank of Jamaica (DBJ).
Prime Minister Andrew Holness says the money, which is being made available in the aftermath of Hurricane Beryl which wiped out over nearly 280,000 broilers, will ensure there is no shortage of chicken meat on the local market.
“Due to increased demand for chicken being driven by tourism, the BPO sector and export into the Caribbean, it is essential that Jamaica’s production capacity increase accordingly,” he said.
He explained that the DBJ will make the funds available via a line of credit to on-lend to the broiler companies and/or approved farmers.
As a condition of the loan, the broiler companies must provide the DBJ with a guarantee in the event the farmers default on payment. The tenure of the loan is eight years and the maximum amount that can be accessed is 90 per cent of the project cost.