KINGSTON, May 26 (JIS):
The Micro Investment Development Agency (MIDA) has disbursed $3.31 billion and facilitated the development of over 35,000 businesses since its inception in 1991.
Chief Executive Officer of MIDA, Lanville Henry, told JIS News that the entity has contributed to the creation of close to 63,000 jobs.
During 2015/16, the entity disbursed $155 million, financed over 1,600 businesses, and generated more than 2,400 jobs.
MIDA was established primarily to promote, encourage and facilitate the development of the Micro, Small and Medium-sized Enterprise (MSMEs) sector in Jamaica, as part of the Government’s strategy to create wealth and generate employment.
Through a revolving pool of resources generated primarily from the Government of Jamaica/Government of Netherland Legacy Fund, it provides financing to assist new and existing MSMEs in agriculture, manufacturing and services, among other sectors.
The funds are made available through microfinance organisations (MFOs) for on-lending to the businesses.
MIDA wholesale funds to nine MFOs including the Self Start Fund, Jamaica Business Development Corporation (JBDC), Jamaica National (JN), Small Business Loan Limited, Access Financial Services Limited, and First Union Financial Company Limited.
“So, MIDA has no direct credit relationship with microenterprises to which its funding is extended…the MFOs get the applications from the MSEs, do the assessment and then decide who to lend,” Mr. Henry explained.
The MFOs advise MIDA of the various businesses that they lend to, the amount and the purpose of the loan.
“We decide how much to lend the MFOs based on their financial positions including the strength of their balance sheet and cash flow projections. We are not going to lend to an organisation that is going to lend money, forget about it and don’t collect it,” he pointed out.
Over the 25 years, MIDA has ensured the sustainability of its revolving fund through the collection of approximately $2.8 billion.
The CEO told JIS News that the agreement between MIDA and the MFOs stipulates that repayments must be made on a quarterly basis. He said the organisations have been very cooperative with a 90 per cent compliance rate.
The CEO told JIS News that MIDA has $150 million to lend for the 2016/17 financial year and appealed for partnership from local and/or international financial donors.
“We are hoping that with the emphasis on the development and strengthening of the MSME sector that funds will be identified as they (MSMEs) are the backbone for job creation and employment,” Mr. Henry said.
Register of Interests of the Members of the House of Assembly
#TurksandCaicos, September 29, 2023 – The Integrity Commission advises that the Register of Interests for Members of the Turks and Caicos Islands House of Assembly, as at 31st December 2022 has been completed.
Members of the House of Assembly are required by the Turks and Caicos Islands Constitution, Section 103(2), and the Integrity Commission Ordinance (the Ordinance), as amended, Section 52(1), to file with the Commission, Statements of Registrable Interests. The Commission would, therefore, like to inform members of the public that, it has compiled the information contained in these Statements of Registrable Interests and has produced The Register of Interests 2022 for the Members of the House of Assembly, as at 31st December 2022.
The Register of Interests 2022 is now available for public inspection at the following locations:
- House of Assembly in Grand Turk
- Office of the Premier – Grand Turk and Providenciales
- Office of the Integrity Commission – Grand Turk and Providenciales (during the hours of 8:30am to 4:30pm from Mondays to Thursdays and 8:00am to 4:00pm on Fridays.)
- Office of the District Commissioner – Middle Caicos, North Caicos, Salt Cay and South Caicos.
The Register can be viewed at these locations during normal working hours or at a time that is convenient for the respective offices.
For further information or any assistance please contact the Integrity Commission:
By telephone at: 946-1941(Grand Turk Office) or 941-7847 (Providenciales Office) By e-mail at: firstname.lastname@example.org or email@example.com
Grand Bahama to be CARGO HUB, as Bahamas & Qatar ink MOU
#TheBahamas, September 29, 2023 – With moves to deepen ties, governments of The Bahamas and Qatar have signed a Memorandum of Understanding (MOU) to solidify agreements in principle surrounding the development of aviation and other related services.
This is according to Chester Cooper, The Bahamas Deputy Prime Minister and Minister of Tourism, Investment and Aviation in a Facebook post.
This comes after The Bahamas Government in a press release on September 24th, revealed that Cooper, was set to meet with the head of Qatar Airways to have talks regarding “multiple mutually beneficial aviation opportunities for both countries.”
The release also said the deputy prime minister and the Bahamas Ministry of Tourism, Investment and Aviation are working on “forging strategic partnerships with several Middle Eastern countries to strengthen ties to The Bahamas and the Caribbean,” and this new signing is indicative of such efforts.
Following the September 25th signing, on September 27th, Kenneth Romer, Deputy Director General of Tourism for The Bahamas informed via Facebook some details of the agreement saying, “we have now established a framework for cooperation and formed strategic partnerships with Qatar Airways, Qatar’s Transport, Aviation and Investment Agencies and The Qatar Aeronautical Academy, that will benefit our country.”
Regarding further efforts for the improvement of The Bahamas, Cooper announced on Facebook again on Tuesday September 26th that both countries are working to make Nassau a passenger hub for Latin America and the Caribbean adding that talks are being held for Grand Bahama as a cargo hub.
Additionally, as the press release informed, Cooper is preparing for an on ground visit of Bahamasair domestic operations by Qatar Airways Technical team sometime in October.
Guyana to build regional food hub
#Guyana, September 29, 2023 – Guyana is making moves to become the primary food production center for the Caribbean, going ahead with plans to develop a USD$14 million regional food hub.
In fact, as reported by the Observer, the facility has already been identified on the country’s Soesdyke /Linden Highway.
“We want Guyana to be the food hub, the primary production hub of the Caribbean so that we could supply the Caribbean. What we have, our colleagues in the Caribbean don’t have. We have arable flat land and abundant fresh water,” he said, adding that with the multi-million dollar US investment, the country can, “modernise the infrastructure, and start ramping up the productions.”
Also, the Agriculture Minister pointed out that the project is geared to make for a more competitive local Agriculture industry as well as developing high-yielding varieties, pest-resistant and climate-resilient varieties.
Additionally, in the facility’s development, Guyana, Mustapha said, will work with Belize.
In fact, with more on Belize’s involvement, Dr. Ashni Singh, Finance Minister, informed that the Government is in talks with the Barbados Prime Minister Mia Mottley about sourcing inputs from northern Brazil and transporting them through Guyana to Barbados and vice versa.
Singh also reportedly revealed that the project will help develop the growing logistics industry in Guyana.
Considering regional food import cost, with this development, Guyana is the leading Caribbean Community country pushing ahead with plans to reduce the multi-billion dollar regional food import bill by 25 per cent by 2025, the Observer says.
FIND US ON FACEBOOK
News1 week ago
Police say DNA confirmed identity of headless body
News1 week ago
Carnival cruise port is open to others Cruise ships — Management
News4 days ago
Invest TCI Hosts Successful Second Annual General Meeting at the Ritz Carlton
Caribbean News1 week ago
Smart City Project a Testament to Innovation, Progressive – Dr. Morris Dixon
Finance1 week ago
UK holds steady on interest rates
Caribbean News3 days ago
Jamaica declares DENGUE OUTBREAK; control measures amped up
News1 week ago
Grand Turk drops in Rank for Cruising, Port profits down; Still Optimism High after major meeting with Carnival
News3 days ago
Kenya and US sign agreement to support pending Haiti mission