DBJ Has Provided Over $3 Billion for Energy Projects

The Development Bank of Jamaica (DBJ) has provided loans totalling more than $3 billion to fund a wide range of energy projects since 2008.

The funds have been allocated from the DBJ’s resources as well as provisions from the PetroCaribe Fund, World Bank and Inter-American Development Bank.

Managing Director, Milverton Reynolds, said the beneficiaries include approximately 280 businesses, which were assisted in reducing and managing their energy consumption levels.

Speaking at a Caribbean renewable energy forum at the Spanish Court Hotel in New Kingston on Tuesday (November 13), Mr. Reynolds said the loans, provided to small, medium and large enterprises, facilitated energy efficiency and conservation solutions as well as the introduction of alternative energy options.

“We have also provided, and continue to provide, a wide range of technical assistance in the form of training and grants to help companies manage their energy use. We have a facility where we provide a grant for an energy audit that will determine the amount of savings that can be obtained by moving to alternative energy,” he outlined.

He indicated that householders are also able to access loans for renewable energy solutions, including installation of solar panels, solar-powered water heaters, bio-digesters, and wind turbines.

“The DBJ’s efforts [are yielding] positive effects on the economy and, indeed, on the population in general. The DBJ has responded to the needs of the nation… and with local and international partners, we have sought practical ways and means of assisting Jamaican companies, entrepreneurs and households in controlling their energy use,” Mr. Reynolds added.