DBJ Becomes a Member of 2X Global

The Development Bank of Jamaica (DBJ) has announced that, in December 2022, it became a member of 2X Global, an industry-building organisation for investors, capital providers, and intermediaries working in public and private markets across both developed and emerging economies.

Membership in 2X Global, formerly known as the 2X Collaborative, will allow the DBJ to participate in the multiple Communities of Practice (COPs) which operate as committees that discuss, develop, and share strategies on how to invest in women through the gender-smart deployment of capital in areas such as finance, digitization, climate, diversity, equality and justice.

Affiliation with 2X Global will also allow the Bank to access peer learning networks, knowledge, co-investment platforms, partnership and training opportunities, and innovative investment tools.

Deborah Newland, DBJ’s General Manager of the Strategic Services Division, who piloted the membership process, is positive about the benefits to be garnered from the DBJ’s involvement.

“The DBJ’s membership in 2X Global provides a unique opportunity for the Bank to interact and network with other development financing institutions and private banks in creating informed services and products to our stakeholders,” she said. “Our initial membership is for one year initially and we therefore intend to maximize our opportunities to leverage support from 2X, especially in the areas of gender and climate as relatively new areas of focus for the Bank. We look forward to participating in initiatives like the 2X Gender and Climate Finance Taskforce that drive gender and climate-smart investing in these areas and our membership is being treated as renewable.”

As part of the DBJ’s Environmental and Social Management System, a Gender Equality Policy and Action Plan (GEPAP) was developed. The GEPAP outlines the organisation’s commitment to actively promote gender equality in all areas of its activities, both within the Bank and with its partners; providing an enabling environment for women and men, while strengthening gender sensitivity and promoting gender equality among its stakeholders.

“This further aligns our work with Jamaica’s country strategy as outlined in Vision 2030 Jamaica (The National Development Plan, the 2009 National Gender Strategy and the Sustainable Development Goals,” Ms. Newland said.

The DBJ’s Corporate Strategy, Vision and Mission also reflects the direction of development and multilateral institutions globally and will guide our priority areas of focus.

Saying that the Bank’s membership in 2X Global was a ‘huge deal’, the DBJ’s Managing Director Anthony Shaw, said, “The DBJ is a forward-looking organisation that is very responsive not only to the needs of our local business sector but also to positive trends in the development community. As a development financing institution, we have always been serious about gender, environmental and climate-related matters and therefore, our membership in 2X Global is a natural progression.

“We have, on staff, a highly qualified team that includes a Gender Specialist and an Environmental and Social Management Framework Specialist who will help to steer the Bank in the right direction as we participate as a member of 2X Global. We are excited about this and look forward to our engagement with the Communities of Practice over the coming year.”