PSDP to Provide $200 Million in Assistance to Businesses that Operate in Clusters

The Private Sector Development Programme (PSDP), a unit of the Jamaica Trade and Invest, will be providing some $200 million in assistance to micro, small and medium-sized businesses, which operate in clusters.
The assistance will be provided to businesses in the targeted sectors of creative industries, tourism, agribusiness and services.
Deputy Programme Manager for the PSDP, Eleanor Henry, in her remarks at the annual general meeting of the Jamaica Pig Farmers Association (JPFA) held recently in Ocho Rios, said that the organization, earlier this year, adopted a Cluster Sector Initiative as a means of increasing the reach and impact of its funding.
The cluster approach, she said, “is a tried and proven mechanism that works to foster collaboration among various organizations to achieve and establish competitive advantages in local and global markets.”
“The PSDP’s Cluster Sector Initiative will target 10 clusters over the life of the programme to provide support in areas such as research and development, product development, joint marketing and training,” she informed the meeting.
In addition, she said, the process of accessing financial and technical assistance will be more streamlined and will reach a more broad-based target group in a considerably shorter time.
Stating that the PSDP recognized the tremendous contribution of farmers and persons involved in the agribusiness sector, to the sustained growth of Jamaica, Mrs. Henry commended the “JPFA for the insight, vision and the cooperation that is so evident in your operations.”
In May 2007, the JPFA signed a contract with the PSDP to provide funding support for the development of the pig/pork industry.
Geared towards strengthening the capacity of Jamaica’s private sector to compete in the global marketplace, the PSDP is a Euro 28.67 million five-year technical assistance programme, which is jointly funded by the European Union and the Government of Jamaica.
Since its establishment in 2004, the PSDP has approved more than $300 million for the institutional strengthening of private sector and support organizations, the enhancement of enterprise competitiveness, as well as programmes to improve access to corporate finance.