Seven Entities to Benefit from Third Cohort of DBJ Cluster Fund

Seven companies in four business clusters will benefit from support to scale up their operations under the Development Bank of Jamaica’s (DBJ) Jamaica Business Fund (JBF) cluster programme.

Agreements between the DBJ and the cluster leads were signed during a ceremony held at the Inter-American Development Bank (IDB) Head Office at 5 Montrose Road, Kingston 5 on Thursday (October 31), to officially launch the third cohort of the Fund.

A product under the Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) Programme, the JBF seeks to enhance the development of the productive sector by enabling high potential business alliances to compete in regional and global markets.

The Fund is valued at US$25 million and is financed by the IDB. Funding is also provided by the European Union (EU), which awarded a non-reimbursable grant of US$8.2 million to support the initiative.

Speaking at the signing ceremony, Acting Managing Director, DBJ, David Wan, said: “As we launch this third cohort under the JBF with IDB, we are not only investing in businesses but in a new era of national growth and global competitiveness. This marks a pivotal moment for our economy and our people.”

He added: “We’re making a significant investment that isn’t just funding; we call it fuel for transformation. Stronger clusters mean more jobs, more efficient supply chains that shift towards local resilience. So, we’re empowering our businesses to innovate, create and export more, which reduces dependency on imports and strengthens our economy from within.”

The seven beneficiary companies comprise three from the Tourism Sector cluster – Imaging and Intervention Associates, Glamour Puss Productions, and Inter-Med Company; two from the Manufacturing cluster – Superfine Chocolate Company, and MLR Technology & Innovation; one from the Services cluster – The Consultancy Inc; and one from the Agriculture cluster – Trinjam Farms.

Chief of Operations, IDB Jamaica, Lorenzo Escondeur, said, “Initiatives such as clusters can help us to develop these spaces and empower the private sector. By working together, members of a cluster agree to joint action, sharing knowledge and specialised input, and ensuring common access to global markets.

“Clusters also help firms to combat small size, manage fragile economic environments and respond to the constant threat of natural disasters and the impact of climate change,” he continued.

Recognising the potential for the development of clusters in the region, the IDB has been implementing them over the last 10 years through a multi-donor Caribbean partnership.

“In the first phase of the programme, from 2012 to 2016, the facility supported seven cluster initiatives that deliver measurable results and the results were impressive. Over 5,600 jobs were created, nearly 80 per cent for women and the revenue of those firms and clusters increased by 40 per cent over the baseline,” said Mr. Escondeur.

Overall, the programme recorded a 20 per cent increase in exports estimated at US$37 million.