DBJ's loan helping to modernise poultry industry

by 5m Editor
13 July 2005, at 12:00am

JAMAICA - The Development Bank of Jamaica (DBJ) has over the past five years provided $690 million in funding for the local broiler industry, money which the state-run bank says has helped to develop this sector into one of the key employment-generating areas of Jamaica's agricultural industry. The loans at an annual interest rate of 13 per cent were provided to farmers primarily in Clarendon and St Catherine through the DBJ's approved financial institutions, and people's cooperative banks. An additional $300 million which was made available to the farming sector during the post-Ivan period by the Bank of Nova Scotia at a rate of 9.5 per cent was now being disbursed through the DBJ island wide network of PC Banks at the same rate. The DBJ in a recent press statement said it took the decision to forego its usual one per cent spread on the loans, in order to lend the funds at a subsidized rate of 7.5 per cent. It also asked the PC banks to cut back by one percentage point, their usual three per cent spread, to assist with the speedy recovery of the farming sector. Source:Observer Reporter

5m Editor