Caribbean News

$485.8 million for project to boost MSME innovation and growth in Jamaica

#KINGSTON, Feb. 18 (JIS):         The Government has earmarked $485.8 million in the upcoming fiscal year to continue activities under the Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) project.

            As stated in the 2020/21 Estimates of Expenditure, now before the House of Representatives, the funding will go towards increasing the number of Micro, Small and Medium-sized Enterprises (MSME) accessing equity financing  and capacity-building training; while also strengthening institutions providing support to these entities.

            The objective of the BIGEE project is to promote sustainable and robust growth among MSMEs and startups in Jamaica.

            It is being implemented by the Development Bank of Jamaica (DBJ) through funding from the Inter-American Development Bank (IDB).

            Among the targets are: establishment of a Venture Capital Fund focused on financing early stage businesses and other financing mechanisms to support the development of MSMEs; and implementation or strengthening of institutions for the development of  MSMEs.

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