The Development Bank of Jamaica Limited (DBJ), a wholly owned Government institution, is the outcome of several mergers of various national development entities which include the Agricultural Credit Bank of Jamaica Limited, the National Development Bank of Jamaica Limited and the National Investment Bank of Jamaica.
The DBJ falls under the purview of the Ministry of Finance and Planning. The Bank’s Board of Directors comprises mainly private sector leaders who are appointed by the Minister of Finance.
The Bank’s Mission is ‘To facilitate and promote economic growth, national development and an enabling economic environment by providing businesses and government with appropriate financing, technical support, Public-Private Partnership and Privatisation solutions’. Therefore, it is focused on:
(a) ensuring that low-cost funds are available to all viable enterprises in the productive sectors which include agriculture, agro-processing, information processing, infrastructure, services, manufacturing, mining and tourism;
(b) increasing the capacity of financial and non-financial intermediaries and investors in the micro, small and medium-sized enterprises (MSME) sector, and making interventions in emerging sectors such as energy efficiency and conservation and microfinance;
(c) managing and executing the Government’s Public-Private Partnership and Privatisation programmes, through which entrepreneurship is developed and the ownership base of public entities is broadened.
While the DBJ continues to provide funding and technical assistance to large projects, it has expanded and improved its assistance to MSMEs which are widely recognised as the engine of economic growth and development, especially in small economies.
Because it is a development financing institution, the profit motive is not a major objective for the DBJ.
The Bank’s funds are channelled through Approved Financial Institutions (AFI), such as commercial and merchant banks, the Jamaica Credit Union League, the National People’s Cooperative Bank (NPCB), the National Export-Import Bank, and micro finance institutions, which provide the initial credit evaluation and loan supervision before on-lending to clients.
These relationships are critical to the work of the DBJ as through these institutions and their island-wide network of branches the DBJ lines of credit are easily accessible.
Development Bank of Jamaica Limited
11a-15 Oxford Road, Kingston 5,
Tel.: (876) 929-4000; 619-4000
Fax: (876) 929-6055