Latest News

Cabinet submission drafted for use of unclaimed funds in financing MSMEs — Shaw

Monday, July 23, 2018

Print this page Email A Friend!

KINGSTON, Jamaica — Minister of Industry, Commerce, Agriculture and Fisheries, Audley Shaw, says he has a draft Cabinet submission, which was discussed with Minister of Finance Dr Nigel Clarke, to set up a special fund utilising unclaimed funds, held by financial institutions, to support the development of the micro, small and medium-sized enterprise (MSME) sector.

The minister, who was addressing the Christmas in July trade show held last Thursday at the Jamaica Pegasus hotel in Kingston, said some $15 billion is being held in dormant accounts.

According to a release from the ministry today, Shaw stated that it is time to “stop paying lip service to the tourism linkages concept”, expressing discontent at the sharp decline in production of local produce such as coffee as a result of “excessive imports, while we ignore the production process”.

Shaw commended the Sandals hotel chain for the 4.9 million pounds of local produce bought from local farmers last year, and declared that his ministry along with the Ministry of Tourism was going on a crusade to engage more hotels in utilising local produce and products in the tourism sector.

The ministry said other initiatives being planned to boost production in the MSME sector include the provision of factory space for agro-processing at the old AMC complex on Spanish Town Road in Kingston.

Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at




1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed:

6. If readers wish to report offensive comments, suggest a correction or share a story then please email:

7. Lastly, read our Terms and Conditions and Privacy Policy

comments powered by Disqus



Today's Cartoon

Click image to view full size editorial cartoon