MICRO Industry Project To Benefit From $14.7 Million

The Ministry of Industry, Technology, Energy and Commerce will receive a $14.752 million during the 2007/08 financial year to fund the Productive Integration of Micro Enterprises in Jamaica/ Industry Modernisation Project.
The funds have been assigned in the Estimates of Expenditure, which was tabled in the House of Representatives on Thursday (March 29).
The project, which is being conducted by the Jamaica Business Development Centre, aims to assist the micro, small and medium size enterprises to make a meaningful and visible contribution to industrial and economic development, by increasing their competitiveness in the agro-processing and craft sub sectors.
For the year the project will train and strengthen business and production processes; upgrade facilities and equipment; participate in trade fairs and upgrade enterprise in the crafts.
Under Component One, which involves project management, the project has been able to: facilitate e- business access for intermediaries; increase the number of intermediaries, and complete the conditions necessary for first disbursements.
Under the second component, which involves upgrading enterprises in the craft and agro processing sectors, the public education and awareness activities have begin and group formation and network establishment is in progress for both entrepreneurs and providers of intermediary services.
The third component has already begun the group formation process. The 2007/08 provision includes $2.487 million, which is to be paid over to the Consolidated Fund. The Productive Integration of Micro Enterprises in Jamaica/ Industry Modernisation Project is being funded by a Multi Lateral Investment Fund (MIF) grant and is scheduled for completion by November 2009.