Phillips: Crowdfunding viable solution for Jamaica

Phillips: Crowdfunding viable solution for Jamaica

Tuesday, July 21, 2015

Print this page Email A Friend!

A panel of experts and policymakers at the Third International Conference in Ethiopia last week gave the nod to crowdfunding -- where ordinary citizens invest small amounts of money in businesses, social projects or charitable causes -- as a potential source of billions of dollars in financing for developing countries.

Jamaica's Minister of Finance Dr Peter Phillips, who co-chaired a side-event at the United Nations Financing for Development conference, said crowdfunding could be a "genuinely exciting" way of "democratising finance".

"We would like very much to look at the possibilities of what could occur using crowdfunding," Dr Phillips said.

"Access to affordable financing is of central importance, especially if we are to satisfy the development goals which are the heart of this conference. There is the prospect of crowdfunding being a viable solution for helping Jamaica, and other countries, channel financing to small and medium enterprises to grow private sector investment," the minister said.

Phillips was co-chair of a panel of experts and policymakers at the Third International Conference. It was co-chaired by Commonwealth Deputy Secretary General Deodat Maharaj, who began by setting out the huge potential of crowdfunding to help plug a gap in funding international development goals, which cannot alone be met by established revenue streams.

"For 2014, the total amount of financing raised through crowdfunding amounted to $16 billion. This year it is projected to reach $34 billion. By 2020, the World Bank estimates that developing countries alone will raise $90 billion," Maharaj said.

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 Some comments may be republished on the website or in the newspaper � email addresses will not be published.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