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Farmers to benefit from DBJ $1 billion AgriBiz programme

Published:Wednesday | July 20, 2022 | 11:22 AM
Minister of Agriculture and Fisheries Pearnel Charles Jr (right), Anthony Shaw (left), Managing Director, Development Bank of Jamaica (DBJ), and Nikolette Williams of Everything Grand Jamaica Ideas, pose with a basket of crops during the launch of the DBJ-Agribiz Programme. The event was held on the front lawn of the Ministry at Hope Gardens on July 19, 2022. – Ian Allen photo.

Micro, small and medium-sized farmers are to benefit from special loans from the Development Bank of Jamaica (DBJ) to boost their businesses.

The DBJ on Tuesday launched its AgriBiz programme, which is valued at $1 billion.

The funds will be channelled through a network of approved financial institutions.

Farmers and agribusiness entrepreneurs will be able to access loans of up to $30 million at 8.75 per cent for up to 10 years.

Speaking at the launch, DBJ Managing Director Anthony Shaw said the initiative is aimed at providing a helping hand to farmers who have been impacted by the fallout from the COVID-19 pandemic as well as the war in Ukraine.

He also noted that praedial thieves continue to impact the sector and that the agency is minded to support farmers.

“As the new MD, I will be making agriculture one of my priority areas of focus. It is my deep conviction that food security is critical, especially in Jamaica,” said Shaw.

Speaking on the issue of farm theft in an interview with The Gleaner, Minister of Agriculture and Fisheries, Pearnel Charles Jr said the matter remains a top agenda for the government, noting that praedial larceny has evolved from a petty crime into a major organised criminal activity, costing Jamaican farmers an estimated J$6 billion each year.

He disclosed that the ministry is working with the security forces on a range of responses to the issue.

“Conservative estimates are that 18 per cent of the value of farm output regionally is taken by thieves, resulting in the loss of millions of United States dollars annually. This does not account for future loss to agriculture production and productivity when farmers leave the sector or when high-quality genetic breeds of livestock and crop varieties are stolen from breeding stations and agriculture research facilities and sold as food. Nor does it take into consideration the likely consequences or public health and subsequent industry fallout should tainted, uncertified produce gain entry into the domestic food chain,” said Charles Jr.

A study by the Food and Agricultural Organization (FAO) of the United Nations has noted that praedial larceny is an issue of concern for the region.

“Policing and programmes to combat praedial larceny have become an integral consideration in how agriculture producers, processors and distributors function in the region in an effort to secure their on-farm investments, and in how policymakers build strategies to secure the economic gains from public investment in the sector,” read a section of the study titled 'An Analysis of the State of Praedial Larceny in Member States of CARICOM'.

- Christopher Serju

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