JIS News

The Development Bank of Jamaica Limited is pleased to announce a special emergency loan fund of J$100 million to assist farmers who were affected by the recent passage of Hurricane Dean.
Milverton Reynolds, Managing Director of the Development Bank of Jamaica Limited (DBJ) in making the announcement states, “Jamaica’s agricultural sector is of vital importance to the economy and being cognizant of this, the Development Bank is making this pool of funds available through the forty branches of the National People’s Cooperative Bank islandwide. The objective is to ensure that the country’s farming sector receives as much assistance as possible so that it can be restored within the shortest possible period”.
“Loans under this special funding will attract an interest rate of 7.875% per annum on the reducing balance at the National PC Bank. This is the lowest interest rate in three decades”, explained Mr. Reynolds.
In addition to this special funding, the Bank is willing to entertain from farmers who were affected by the Hurricane, applications for the restructuring of their existing DBJ funded loan facilities. Applications for restructuring must be submitted via the normal channel i.e., the Approved Financial Institutions (AFIs) including the National PC Bank, credit unions, commercial and merchant banks.
The Management and Staff of the Development Bank of Jamaica take this opportunity to extend to all Jamaica, and in particular the farming community, sincere regrets for any inconvenience suffered as a result of Hurricane Dean.

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