Gov’t Allocates $2b to Boost MSMES, Strengthen Agricultural Sector

The Government has allocated $2 billion to the Development Bank of Jamaica (DBJ) to support micro, small, and medium-sized enterprises (MSMEs), with a portion specifically earmarked for agriculture.

Minister of Agriculture, Fisheries and Mining, Hon. Floyd Green, made the disclosure during his 2025/26 Sectoral Debate presentation in the House of Representatives on Tuesday (May 27).

He informed that the Ministry is now in discussions with the DBJ to finalise a Memorandum of Understanding (MOU) with the Agro-Investment Corporation (AIC), aimed at facilitating direct lending to farmers and agri-entrepreneurs.

“What has happened is, even when the DBJ provides the resources, when they go through the approved financial institutions, by the time it reaches to the farmers, the interest is so high that it proves prohibitive. We are establishing a model that we can lend directly to farmers,” Minister Green stated.

Additionally, through an MOU between the DBJ, Rural Agricultural Development Authority (RADA) and Jamaica Agricultural Society (JAS), the Ministry has launched the Loan Ready Training Programme.

Mr. Green highlighted that the initiative is equipping more than 450 agricultural stakeholders, including women and youth, with financial literacy and business planning skills, preparing them to meet financing requirements.

The DBJ is also offering several initiatives to support farmers, including the Credit Enhancement Facility, which provides financing of up to $30 million for those without traditional collateral.

Additionally, the Poultry Loan Product is unlocking more than $1 billion through contract farming and cooperative partnerships, while the Strawberry Cluster Project in Mandeville has received a $43 million investment in high-tech, climate-smart production.

Minister Green also announced that the DBJ, in partnership with the Inter-American Development Bank (IDB), European Union (EU) and Northern Caribbean University (NCU), will launch a new initiative in May 2026 that will support 25 agricultural stakeholders.

“Allow me to also announce that under a Special Line of Credit from the French Development Agency (AFD), the DBJ will administer US$5 million in financing to support high-impact social and climate investments, with at least 25 per cent allocated to agriculture,” he said.