The Development Bank of Jamaica Limited was created in April 2000, from the merger of the Agricultural Credit Bank of Jamaica Limited and the National Development Bank of Jamaica Limited.
It is a corporation that is wholly owned by the Government of Jamaica and is mandated to foster economic growth and development of strategic sectors of the Jamaican economy.
The DBJ “provides opportunities to all Jamaicans to improve their quality of life through development financing, capacity building, public-private partnership and privatization solutions in keeping with Government policy.”
The DBJ’s mission is to facilitate the growth and development of all viable enterprises in the productive sectors of the Jamaican economy.
These sectors include agriculture and agri-processing, manufacturing, information technology, mining and quarrying, energy, services and tourism.
In fulfilling its mandate, the Bank provides the following services:
- Appropriate medium and long-term financing solutions [through alliances with Approved Financial Institutions (AFI) and other financiers] in a timely and efficient manner and at attractive interest rates to all entities, but with an emphasis on small and medium-sized enterprises.
- Direct lending for large projects in strategic areas.
- Management and privatization of national assets and investments.
- Facilitating and securing private sector investment and participation in the Jamaican economy.
The DBJ utilizes its own resources and borrows funds from local and international financial institutions for on-lending through its network of AFI partners.
Consequently, the Bank provides to Jamaican entrepreneurs a range of services, including:
a. Low-cost financing
b. A partial guarantee programme
c. Renewable energy solutions
d. Technical assistance and capacity development solutions
e. Venture capital development; and
f. Opportunities to broaden the entrepreneurship and ownership base of the country via privatization services and public-private partnership options