DBJ to Provide $1 Billion for On-Lending to Poultry Industry

The Development Bank of Jamaica (DBJ) will be providing $1 billion for on-lending to broiler companies and/or approved farmers who suffered losses during the passage of Hurricane Beryl.

Prime Minister, the Most Hon. Andrew Holness, outlined the support in the House of Representatives on July 16, where he gave an update on Hurricane Beryl relief and recovery.

He said the loans will be available to at an interest rate of about 7.5 per cent and broiler companies will be required to provide a guarantee to the DBJ.

“The broiler companies that have these contracts with the farmers would make the payments. The tenure would be about eight years and we would lend approximately 90 per cent of the project recovery cost,” he said.

He said the support to the industry aims to ensure that large poultry farmers who have sustained damage have access to a loan facility “to get their businesses back up and running”.

“This is very important for our food security and to ensure that there is no shortage of chicken which could impact price,” he said.

Meanwhile, Minister of Agriculture, Fisheries and Mining, Hon. Floyd Green, informed that $86 million has been allocated to assist livestock farmers to rebuild their enterprise and infrastructure.

Overall, the Ministry has allocated $700 million as an immediate response to help farmers recover from the passage of Hurricane Beryl.

The money represents an initial tranche of support that will be used to purchase critical items urgently needed to help farmers rebuild their operations and undertake infrastructure repairs.

Assessments indicate financial loss of $4.73 billion to the agriculture sector from the passage of Hurricane Beryl.