JIS News

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  • $40 million has been set aside to enable large scale investments and capacity support for the Micro, Small and Medium Enterprises (MSMEs) sector.
  • The Jamaica Foundations for Competiveness and Growth project is geared at enabling the environment for private sector competitiveness.
  • This will be done by enhancing competition in business; facilitating large scale private investment; and supporting Small and Medium Enterprises (SMEs) capabilities.

The country’s business environment will be further strengthened, with the support of $40 million, which has been set aside in the 2014/15 budget, to enable large scale investments and capacity support for the Micro, Small and Medium Enterprises (MSMEs) sector.

The Jamaica Foundations for Competiveness and Growth project, being implemented by the Planning Institute of Jamaica (PIOJ), is geared at enabling the environment for private sector competitiveness, to help the country to unleash productivity and growth.

This will be done by enhancing competition in business; facilitating large scale private investment; and supporting Small and Medium Enterprises (SMEs) capabilities.

Under component one of the project, technical assistance will be provided, as well as implementation support to address critical business competition, and regulatory issues that constrain operation and expansion, and efficient trade and logistics operations.

Component two will see the funding of feasibility and other related studies and technical assistance through the Development Bank of Jamaica (DBJ), to enable the Government to prepare for, and close investment transactions with private sector participation in a way that enables transformational growth impacts.

The funding of an ecosystem approach implemented by the DBJ in which a combination of value chain learning and skills upgrading, and finance provided to SMEs, will fall under component three.

Under the fourth focus area, capacity support will be provided for the PIOJ, to manage, monitor, and evaluate the project activities. These activities will include: evaluation of the skills upgrading and loan component of SMEs; support to the Statistical Institute of Jamaica (STATIN), and the Jamaica Productivity Centre; and implementation of a public relations programme to help garner public support for the Government’s productivity and growth agenda.