Development Bank to verify jobs created from $18 billion in loans
The Development Bank of Jamaica (DBJ) says it's moving to undertake a verification exercise to determine whether the $18 billion it issued in loans over a six-year period actually met its target of creating 20,000 jobs.
The loans were issued between 2009 and this year.
In a report tabled in Parliament this week, the Auditor General said the DBJ did no evaluation to find out whether the targets were met.
DBJ chairman, Joseph Matalon says the bank attempted a verification process last year but said it was derailed because it was too costly.
However, Matalon says the DBJ is moving to undertake another verification although it will be a difficult process.
Meanwhile, Matalon believes that most of the 20,000 projected jobs were created.
Yesterday, the DBJ chairman told The Gleaner/Power 106 News Centre that the bank is in the process of hiring a monitoring an evaluation specialist to fix some of the weaknesses identified in the Auditor General's report.
The Auditor General has said the lack of proper monitoring and evaluation means it too could not determine whether the bank was fulfilling its obligation of stimulating economic growth.