DBJ Launches $1-Billion Loan Programme for Agriculture Sector

• The Development Bank of Jamaica (DBJ) is providing $1Bn to bolster the country’s agriculture sector through its new ‘AgriBiz’ facility.
• The programme, launched on Tuesday (July 19) at the Ministry of Agriculture and Fisheries in Kingston, will provide concessional loans for micro, small and medium-sized farmers. Farmers and agribusiness entrepreneurs will be able to access loans of up to $30Mn at 8.75% for up to 10 years.
• The agriculture sector, which currently employs more than 250,000 persons and accounts for 8.68% of gross domestic product (GDP) and foreign exchange, is contributing positively to the country’s recovery from external shocks and should continue on this trajectory through the AgriBiz programme.
• In addition to funding opportunities, the programme will also include technical assistance and financial training for farmers, which will be provided jointly with partners, Agro-Investment Corporation (AIC).
• The programme is intended to boost food security and the agriculture sector’s recovery from the shocks of the COVID-19 pandemic and the Russia-Ukraine war. This is expected to not only contribute to the country’s GDP but also reduce our dependence on other economies, especially in light of food shortages being experienced worldwide.   

(Source: JIS News)