New DBJ managing director Dr David Lowe
New DBJ managing director focused on expanding access to funding
Officially settling in as the new managing director of the Development Bank of Jamaica (DBJ) on Monday, Dr David Lowe is already looking to go one step ahead of his predecessors in piloting transformative initiatives aimed at unlocking greater access to funding for micro, small and medium-sized enterprises (MSMEs).
“The hallmark of my leadership will be centred on creating a more agile, responsive and innovative DBJ that directly aligns with Jamaica’s national development priorities. This means deepening our focus on opportunities that will lead to economic growth as we expand financing options for underserved sectors while advancing sustainable development through climate financing and fostering entrepreneurship and innovation,” he told the Jamaica Observer in sharing details of the strategy to move the organisation forward a day after taking office.
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“I will also place significant emphasis on people capital — both internally by strengthening the capacity of our talent through recruitment and development to meet best practice standards,” he added.
Armed with more than two decades of experience in strategic planning, capital project execution, private equity and venture capital, Lowe is expected to lead the bank in its continued mission towards sustainable economic growth, with a focus to drive strategic financial initiatives, entrepreneurship support, and development financing.
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The DBJ, whose primary role is to provide development financing for entrepreneurs at below market rates through its suite of loans, grants and technical assistance programmes, aims to support Jamaica’s economic growth and development as it builds up capacity for some of the islands most underserved players.
To this end, the new managing director, in prioritising economic transformation as a catalyst for change, said the mission of the entity is to become more laser-focused on undertaking investments that will not only create jobs but also enhance various infrastructure while fostering innovation and ensuring inclusive and environmentally sustainable growth.
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“The DBJ will develop a comprehensive sector growth strategy, targeting high-potential industries such as logistics, manufacturing, infrastructure and technology. Priority will be placed on building the ecosystems in agriculture and manufacturing to boost productivity and accelerate GDP (gross domestic product) growth. Additionally, the bank will leverage public-private partnerships (PPPs) to attract private capital and deliver transformative national development initiatives,” he further said to the Business Observer as he outlined some of the areas to be targeted this year.
“A priority will also be to enhance operational efficiencies to improve processing times and expand outreach and communication, ensuring greater accessibility to the DBJ’s portfolio of facilities,” he also said.
Lowe, having been set to oversee DBJ’s portfolio of initiatives, including the provision of development financing for MSMEs, said that with the bank now seeking to expand access to its Credit Enhancement Facility (CEF), this is likely to offer much-needed collateral support to small business. This, while further providing them with increased financing solutions through the entity’s network of approved financial institutions (AFIs) and microfinance institutions (MFIs).
Following the bank’s recent Green Climate Fund accreditation, the roll-out of its new Blue Green Facility he also hope will lead to the unlocking of climate-resilient investments and sustainable development for a number of these smaller enterprises.
“DBJ will also deepen its role in public-private partnership development. However, critical to the success of these and several other initiatives will be the strategic capital expansion of the bank, enabling greater deployment of resources to high-impact sectors and accelerating MSME growth. These initiatives will not only expand access to finance but also reinforce the bank’s role as a development partner that empowers people, businesses and the economy to thrive,” he noted.
Prior to joining DBJ, Lowe, who possesses international experience having worked in Australia and Singapore with Fortune 500 management consulting firm Accenture, also served as CEO and founder of Katalyst Holdings Limited for five years and immediately before that as the CEO of Caribbean Producers Jamaica Limited for eight years. In addition to his private sector accomplishments, he also boast significant experience in public sector operations.
Following the announcement of his appointment late last month, DBJ Chairman PB Scott, in welcoming him to the post, described him as an exceptional leader having a proven track record of driving financial innovation, fostering economic development, and supporting business growth.
“We are confident that his leadership will further DBJ’s efforts to provide critical financing solutions and strategic programmes that empower Jamaican businesses and entrepreneurs,” Scott said.
