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Development Bank of Jamaica Provides $8 Billion in Funding Support for Businesses

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#Jamaica, February 13, 2018 – Kingston – The Development Bank of Jamaica (DBJ) has provided over $8 billion in funding support for businesses islandwide since the start of the 2017/18 fiscal year in April.  Managing Director, Milverton Reynolds, says the funds have been made available through equity funding under the Jamaica Venture Capital Programme (JVCP) as well as through capacity development and technical assistance initiatives.

Mr. Reynolds was speaking at Monday’s (February 12) launch of the DBJ’s fifth National Business Model Competition (NBMC), held at The Knutsford Court Hotel in New Kingston.  He pointed out that between April 2017 and January this year, loans totaling $6 billion were disbursed to micro, small and medium-sized enterprises (MSMEs).  These, he outlined, included $4.8 billion to small and medium-sized enterprises (SMEs) through approved financial institutions (AFIs), and $1.2 billion to micro entrepreneurs through approved microfinance institutions.

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Mr. Reynolds also advised that the DBJ issued 1,120 vouchers to entrepreneurs, which enabled them to access $263.25 million.  He noted that under the “revolutionary” voucher programme, hundreds of entrepreneurs are now able to access loans and other forms of funding, “because their businesses have been strengthened”.   Additionally, he said the Bank facilitated 26 business start-ups under its Innovation Grant from New Ideas to Entrepreneurship (IGNITE) programme, which enabled those entities to access $60 million in grant funding, resulting in the creation of hundreds of new jobs.

Mr. Reynolds further indicated that the DBJ has committed approximately US$2.25 million under the JVCP to three private equity and three private credit funds entities, along with over US$233 million from local and international investors for investment in local and regional businesses.

While noting that the Bank is “very pleased by these achievements”, the Managing Director acknowledged that they did not result solely from the DBJ’s efforts, but involved collaborations with AFIs and microfinance institutions as well as fund managers and business service intermediaries.

“Also of tremendous significance is the support from our international development partners, such as the Inter-American Development Bank (IDB), Multilateral Investment Fund (MIF) and World Bank,” he pointed out.

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“Over the years, we have developed partnerships with a critical group of institutions and organisations that share our mission, and we are deeply grateful for their support and belief in what we do at the DBJ,” the Managing Director added.

Noting that the DBJ is Jamaica’s foremost development bank, Mr. Reynolds said its role in nation-building is reinforced by “our focus on economic growth and development”.  The National Business Model Competition, which commenced in 2014, encourages and promotes entrepreneurship on the campuses of Jamaica’s colleges and universities.

Participating institutions in this year’s renewal, which runs from March 22 to 23, include the University of the West Indies; University of Technology; Edna Manley College of the Visual and Performing Arts; and Northern Caribbean University, which has won the competition since its inception.

The winner will represent Jamaica at the International Business Model Competition, slated for May 10 to 11 in the United States.

Release: JIS

 

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UK issues warning to tourists following shark attack

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Rashaed Esson

Staff Writer

In response to the Shark attack in Tobago on April 26, the UK Foreign Office issued a warning for British tourists stating that Tobago authorities temporarily closed the Buccoo Reef Marine Park and urged those who visit the beach, those who fish and others, to be careful when visiting certain coastal areas. These are “Plymouth, Courland Bay, Black Rock, Mt. Irvine, Buccoo, Pigeon Point, Store Bay, and all areas in between.”

 

 

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JAMAICAN STUDENTS GAIN SCHOLARSHIPS TO STUDY IN CUBA

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KINGSTON, April 25 (JIS):

Fifteen young Jamaicans have gained scholarships to pursue tertiary training in medicine, nursing and civil engineering in the Republic of Cuba, under the Jamaica-Cuba Bilateral Scholarship Programme.

Speaking at the awards ceremony for the students, held at the Embassy of Cuba in St. Andrew on April 24, Minister of State in the Ministry of Foreign Affairs and Foreign Trade, Hon. Alando Terrelonge, said the scholarship component of the partnership is one of the many successes for Jamaicans.

“Through this valuable programme, the Government of Cuba has consistently invested in the educational development of Jamaican students, through the provision of well-needed and appreciated undergraduate and postgraduate scholarships, primarily in Medicine and Health Sciences,” Mr. Terrelonge said.

He highlighted that the long-standing, meaningful and mutually beneficial bond of friendship and cooperation has been shared between Jamaica and Cuba for more than 50 years and has provided invaluable support to Jamaica, with several agreements in the areas of Health, Science, Culture, Sports, Tourism and Education.

The Minister of State said that Jamaica is grateful for the unwavering support towards Jamaica’s development, adding that “not only are we close geographical partners but our relationship is based on, among other things, mutual respect and strong people-to-people connections”.

Mr. Terrelonge told the students that they have succeeded in securing their places in the various programmes and have proven themselves to be the “crème de la crème, having successfully undergone a rigorous selection process”.

“I commend you for your drive, hard work and dedication towards your educational development,” he said.

“As you prepare to depart Jamaica for diverse and vibrant Cuba, I encourage you all to continue to work diligently in your respective fields of study, to remain faithful to the goals you have set for yourselves, and to fly, even higher, the Jamaican flag in Cuba. It is my hope that you will not only meet but exceed your and your families’ expectations,” the State Minister added.

He also encouraged the students to view the scholarship not only as an opportunity to advance academically but to also “immerse yourselves in the rich culture of the Cuban people” and to form new connections, build networks, explore new adventures, improve their Spanish-speaking skills, and to stay connected with the Jamaica Embassy in Havana.

Under the full scholarship, tuition, accommodation, meals, clothing allowance, study materials and medical care are covered by Cuba.

The programme is administered by the Embassy of the Republic of Cuba in conjunction with the Scholarship Unit of the Ministry of Finance and the Public Service and other entities. Every year, the Cuban Government invites applications from persons wishing to pursue undergraduate and postgraduate studies.

 

CONTACT: GARFIELD L. ANGUS

 

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GROUND BROKEN FOR HIGH SCHOOL AT CHRISTEL HOUSE

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KINGSTON, May 1 (JIS):

Ground has been broken at the tuition-free Christel House at Twickenham Park, St. Catherine, for the construction of a high school.

Minister of Education and Youth, Hon. Faval Williams, who delivered the keynote address at the site, today (May 1), said Christel House’s dedication to breaking the cycle of poverty and empowering vulnerable children is “nothing short of inspiring”.

“Your decision to invest in Jamaica speaks volumes about your belief in our nation’s potential, and your dedication to making a meaningful difference in the lives of our youth is appreciated,” Minister Williams said.

She added that the partnership between the Government and the organisation, forged through a Memorandum of Understanding (MOU) in 2019, is a “prime example” of what can be achieved when public and private entities come together with a shared vision and purpose.

Further, the Minister said a foundation is being laid for a brighter future, one where every child has the opportunity to thrive and fulfil their potential, regardless of their circumstances.

She said that Christel House Jamaica, which now operates a kindergarten school at the location, will in time be more than just a school.

“It will be a symbol of optimism, a sanctuary of learning, and a catalyst for positive change in our community,” the Minister said.

“By providing comprehensive support, including education, nutrition, healthcare, and mentorship, Christel House will empower students to break free from the chains of poverty and chart a course towards a better tomorrow,” she added.

Mrs. Willliams said the shared goal between the Administration and Christel House extends beyond the construction of a building, as it is about nurturing the next generation of leaders, innovators, and change-makers who will shape the destiny of the nation.

“Together, we are sowing the seeds of prosperity, equity, and social justice, ensuring that no child is left behind,” she said.

The school provides breakfast, lunch and an afternoon snack, as well as transportation for children living far distances from the school. It also provides uniforms and textbooks, and counselling services for its students who have to contend with psychological and other emotional issues.

Founder of Christel House International, Christel Dehaan, emigrated from Germany to the United States (US) in 1962, and was an accomplished businesswoman.

In 1996, she sold her global enterprise, Resort Condominiums International (RCI), which had offices in 38 countries, and devoted her resources to philanthropic work from her headquarters in North Meridian Street, Indianapolis.

With support from dedicated donors, schools are run in India, Jamaica, Mexico, South Africa, and the US.

 

CONTACT: GARFIELD L. ANGUS

 

 

 

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