BIGEE Programme Continues to Empower MSMEs

• The Development Bank of Jamaica's flagship initiative, the Boosting Innovation, Growth, and Entrepreneurship Ecosystems (BIGEE) Programme, is dedicated to empowering local micro, small, and medium-sized enterprises (MSMEs) while promoting innovation throughout the country.
• This five-year programme is supported by a US$25Mn loan from the Inter-American Development Bank (IDB) and a US$8.2Mn grant from the European Union (EU) to enhance Jamaica’s entrepreneurial landscape and support MSMEs.
• David Wan, Acting Managing Director of the DBJ, shared during a Jamaica Information Service (JIS) Think Tank on September 17 that the programme enables innovative businesses to grow, scale, and increase their competitiveness locally and globally through funding, technical assistance, and mentorship.
• “Since its launch, the programme assisted entrepreneurs in transforming ideas into sustainable businesses, fostering a culture of innovation, and creating numerous growth opportunities within the MSME sector” he noted.
• Grants from the BIGEE programme are awarded to MSMEs with innovative products or services that have the potential to drive economic benefits, create new jobs, and inspire other companies to enter similar markets.
• The is accredited by the Green Climate Fund (GCF), which is a critical element of the historic Paris Agreement – the world’s largest climate fund, mandated to support developing nations’ move towards low emissions and climate-resilient pathways in keeping with the UN Sustainable Development Goals (SDGs).
• The government, through the Development Bank of Jamaica (DBJ), remains committed to supporting the MSME sector, which is crucial to the nation’s economy. As at June 2024, it was estimated that over 422,000 MSMEs are operating in Jamaica, employing approximately 80% of the workforce and contributing 44% to the country's GDP.

(Source: JIS)