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DBJ gets $53-m IDB funding for energy credit line to SMEs

THE Development Bank of Jamaica (DBJ) last Friday signed an agreement with the Inter-American Development Bank (IDB) for a $53-million (US$593,000) grant that will form part of a $72-million (US$807,000) project to support the DBJ PetroCaribe Small and Medium-sized Enterprises (SME) Energy Line of Credit.

The IDB funding will be used to assess the demand for investments in energy efficiency and conservation measures and alternate sources of energy by SMEs in Jamaica; develop a training and certification course for energy auditors/managers; develop and implement demonstration projects to showcase successful use of alternate energy; and highlight the benefits of energy efficiency and conservation strategies within the SME sector.

DBJ’s managing director Milverton Reynolds expressed appreciation for the IDB’s timely and positive response to the request for assistance with the Energy Line of Credit and said, “It will make a huge difference to the viability of SMEs to whom it will be targeted.”

The IDB’s country representative, Gerard Johnson, said the IDB took the decision to assist Jamaica in adopting energy business models which are cost effective, to create a market where commercial banks see that investment in energy is a viable project and to help the country to deal with an uncertain future in light of the fact that traditional energy resources are non-renewable.

He pointed out that since 2005, Jamaica had reached a particular threshold of development which put the country outside the category of nations which qualified for IDB grants. However, this energy project was a priority and was too important for the IDB not to become involved.

The DBJ will contribute approximately $19 million (US$214,000) to the project.

Category/ies:Jamaica News.
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