The World Bank recently agreed to lend USD 15 million to the Development Bank of Jamaica to support micro-, small and medium-sized enterprises via partial credit guarantees and an SME (small and medium-sized enterprise) fund. Galina Sotirova, the World Bank country manager for Jamaica, described the program as an effort to “…diversify and expand financing mechanisms for small businesses to promote entrepreneurship and job creation.” The objectives includes raising USD 10 million from private funders and guaranteeing 1,000 loans to micro- and SMEs. The loan to the Development Bank of Jamaica has a term of 30 years with a five-year grace period on repayment.
The mission of the government-owned Development Bank of Jamaica is to encourage “private sector development and contribut[e] to broad-based, inclusive economic growth in Jamaica.” As of 2016, the institution reported total assets of JMD 27 billion (USD 216 million).
The World Bank Group is a multilateral organization whose goal is “to end extreme poverty and promote shared prosperity in a sustainable way.” As of 2018, it has 189 member nations. The group encompasses (1) the International Bank for Reconstruction and Development and the International Development Association, which make up the World Bank; (2) the International Finance Corporation; (3) the Multilateral Investment Guarantee Agency; and (4) the International Centre for Settlement of Investment Disputes. During 2017, the World Bank Group disbursed funds totaling USD 44 billion.
Sources and additional resources
World Bank Group fiscal data
Development Bank of Jamaica Annual Report 2015-2016
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