Wed | Nov 29, 2023

Development Bank of Jamaica gets accreditation from global climate financing body

Published:Friday | July 14, 2023 | 6:33 PM
The offices of the Development Bank of Jamaica in New Kingston. -File

The state-owned Development Bank of Jamaica (DBJ) has been accredited by the Green Climate Fund (GCF), the world's largest climate financing body. 

The new status will allow the bank to access funding at a concessional interest rate, to implement projects or programmes of varying sizes, which are geared towards climate change resilience. 

"This accreditation will see Jamaicans benefiting significantly through the various impactful climate related projects or programmes, which will be implemented by the Development Bank of Jamaica and or its partners. As Jamaica's development finance institution, this provides a significant opportunity for the bank to provide the necessary climate financing, in support of the Government's climate change resilience agenda," the entity said in a statement Friday. 

The DBJ will have the ability to access funding for grants, lending, equity and guarantees to assist in addressing the negative impacts of climate change, as well as contributing to the achievement of the 2016 Paris Agreement goal of limiting global warming and other related Sustainable Development Goals.

DBJ's Managing Director Anthony Shaw said “this is a significant achievement for the bank as well as for Jamaica".

"The DBJ will be able to contribute significantly to the country reducing its greenhouse gas emissions and adapt to climate impacts. The bank will create a pipeline of projects with our partners to support this goal as we have accepted our role to facilitate activities towards achieving economic, social, and environmental resilience to the climate crisis," he said. 

The complex accreditation process for the bank started in 2018. 

The DBJ is now the second Jamaican entity accredited by the Green Climate Fund.

The Jamaica Social Investment Fund was accredited in March 2022.

The Development Bank of Jamaica provides loans for Micro, Small and Medium-sized Enterprises with annual revenues of up to $150 million and fewer than 50 employees.

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