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Vaz says 5,000 jobs likely from DBJ'S financing of MSMEs

Tuesday, May 15, 2018

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KINGSTON, Jamaica — Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Daryl Vaz, says that some 5,000 jobs are projected from the Development Bank of Jamaica's (DBJ) injection of some $6.6 billion into the Micro Small and Medium Enterprise (MSME) sector.

Speaking in the sectoral debate in the House of Representatives today, Vaz noted that the Government had made a commitment that the DBJ would target support of over $26 billion in investments and over $7 billion in loan approvals.

“We said it would provide support to 200 new businesses and impact 810 MSMEs through capacity development initiatives. 4,500 new jobs were to be targeted from these initiatives.

“I am happy to state that as at March 31 this year, the DBJ supported $6.6 billion in loan approvals, with 5,000 potential new jobs to be created from the financing provided to MSMEs,” he said.

Vaz noted that the DBJ had exceeded the $26 billion investment target by $6.9 billion at the end of March. He noted that total $32.9 billion investment provided by DBJ accounted for $11.4 billion.

He said that in addition, the bank provided support to 252 new businesses and impacted 913 MSMEs, through capacity development initiatives.

During the 2018/19 financial year, the DBJ will target support of over $27 billion in Investments, and over $8 billion in loan approvals.

It will provide support to 220 new businesses and impact 940 MSMEs through capacity development initiatives. Some 5,500 new jobs are being targeted from these initiatives.

“We are creating jobs, empowering Jamaicans,” Vaz told the House.

Balford Henry

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