DBJ to Continue Energy Management Strategy

The Development Bank of Jamaica (DBJ) will continue its successful energy management strategy in the 2014/15 fiscal year, and will explore and implement other energy projects in partnership with development partners, in an effort to drive down energy costs.

To this end, the DBJ will continue its energy audit grant programme, and has allocated $5 million for energy and energy audit grants to Small and Medium Enterprises (SMEs) to decrease energy costs.

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, noted that the Energy Grant programme provides up to $200,000 towards the cost of the audit.

“The programme is open to private sector entities of all sizes which are interested in accessing loan funds to implement the recommended energy projects,” Dr. Phillips said.

The Finance Minister was opening the 2014/15 Budget Debate in the House of Representatives on Thursday, April 17.

He pointed out that the DBJ is also continuing its work to foster the establishment of venture capital and private equity funds through public and private sector collaboration with local and international fund managers.

“The DBJ will seek to stimulate investments in new venture capital funds through co-investment with private sector partners,” Dr. Phillips said.

In addition, a target of $1 billion has been set for investment in high potential SMEs over the next five years.

“Before the end of May, requests for proposals will be issued for potential fund managers and it is projected that a Venture Capital Fund will be established by the end of this year,” Dr. Phillips noted.

He said this will provide for a number of promising entrepreneurs who may not have access to capital directly.

“The value of this is not just the economic benefits, but also the social benefits, because this will mean that the potential for economic success will not be as firmly tied to those who have been blessed with inherited capital or the connection to it,” the Finance Minister said.