The Jamaica Business Development Corporation (JBDC) and the Development Bank of Jamaica (DBJ) have signed a Memorandum of Understanding (MoU) for just over $15 million to implement three projects aimed at the sustainable growth and development of the Micro, Small and Medium enterprises (MSME) sector.
This partnership between the entities will facilitate the implementation of a MSME Energy Conservation and Efficiency Project, the Craft ‘Biz’ Facility and the Small Business Growth and Distribution Linkages Projects under the JBDC.
Minister of Industry, Investment and Commerce, Hon. Anthony Hylton, speaking at the signing on Friday, April 20, 2012, at the JBDC’s Incubator and Resource Centre on Marcus Garvey Drive, said the MoU marked a very significant moment for the Ministry.
“This MoU will focus on an aspect of work of the Ministry that is very critical to the growth and development of our economy, and that is, the strengthening of the capacity of the MSME sector and ensuring that the contribution that it has to make is further advanced, and comes at a time when the MSME sector will have to play an increasingly important role in rescuing the economic growth the country so desperately needed”, the Minister stated.
According to Minister Hylton, the sector holds much promise, but this cannot be realized unless some of the critical activities which have been outlined in the MoU are addressed in a very urgent and critical way.
He further stated that he was not only pleased with the sums allocated on a grant basis, but also the scope of activities outlined in the MoU, particularly a most critical area of economic activity... the Energy Sector.
“Its implication (Energy) for the economy has been quite significant. It is perhaps the single most constraining factor on the growth and development of the economy. But if it is burdensome generally for economic factors, the impact on micro, small and medium size enterprises is that much more critical. The activities indicated are critical not only to deepening the awareness of the problem but begins to address aspects of the problem that has long been ignored or not given fulsome attention”, he noted.
Managing Director of the DBJ, Milverton Reynolds said that the signing of the MoU demonstrates once again the importance that the DBJ places on facilitating growth and development in the country. He stated further that the grant will enable the JBDC to provide at low or no cost, services that will build capacity, enhance competitiveness among MSMEs, provide business development service products, business mentors, technical service management products and risk management interventions.
The MSME Energy Conservation Project will run for 12 months and will benefit approximately 60 companies. The Craft Biz Facility will provide beneficiaries with specialized technical assistance, while the Small Business Growth and Distribution
Linkages Project is to strengthen the capacity of selected companies to take advantage of marketing and financing opportunities.
Contact : Hugh Bembridge | Novelette Bryan
February 20, 2012
Posted By :Ministry Investment and Commerce
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