THE PLANNING INSTITUTE OF JAMAICA

16 Oxford Road, Kingston 5, Jamaica, W.I.

P.O. Box 634, E-mail: info@pioj.gov.jm
Telephone: (876)-906-4463/4, (876)-960-9339, Facsimile: (876)-906-5011
DIRECTORS: Mr. Colin Bullock, Director General/Chairman, Dr. Pauline Knight, Professor Brian Meeks, Professor Alvin Wint,
Mr. Robert Wynter, Dr. Ike Johnson, Dr. Joy Moncrieffe, Mr. Everton McFarlane
NEWS RELEASE

DBJ, PIOJ FORM NEW STRATEGIC PARTNERSHIP TO BOLSTER
FINANCING FOR BUSINESSES
For Immediate Release

Thursday, August 7, 2014. The Development Bank of Jamaica (DBJ) and the Planning Institute
of Jamaica (PIOJ) today announced the establishment of a strategic alliance between the
agencies which seeks to resolve the difficulties experienced by businesses seeking to access
financing.

The initiative, dubbed the Financial Information and Real-time Matchmaking (FIRM) strategy,
will establish an educational, financing and networking platform to provide market access to
start-ups and existing businesses seeking to obtain additional financing for their ventures. This
financing could be in the form of loans, equity injections or grants.

Under the FIRM initiative, businesses in need of financing will be allowed an opportunity to
pitch their business models to select panels of financiers in a confidential setting. The
programme is slated to become operational in October 2014 and will include an Exposition that
will be launched shortly.

Managing Director of the DBJ, Milverton Reynolds, has lauded the FIRM initiative as timely
and strategic. He noted that the Government of Jamaica (GOJ) has already implemented several
strategies geared at improving access to finance, in response to the challenges in financing
business activities. However, he pointed out that there remains a clear information deficit and
financing gap for Micro, Small and Medium Enterprises (MSME), which FIRM will seek to
address.

The DBJ has always been responsive to the needs of the nation and our commitment to growth
is unwavering. In that regard, we continue to seek practical ways and means of assisting
Jamaican companies and entrepreneurs with financing Reynolds noted, explaining that these
mechanisms must be sustainable and inclusive.
Director General of the Planning Institute of Jamaica (PIOJ) Colin Bullock also hailed the FIRM
initiative as timely taking into consideration important economic indicators such as the state of
domestic credit.

Currently domestic credit in Jamaica is less than 35 percent of Gross Domestic Product (GDP).
This is well below acceptable international benchmarks, Bullock explained, adding that this
indicates difficulties in accessing credit and is reflective of inadequate funding for investment
and entrepreneurial activities.



He further noted that this reality requires an innovative intervention strategy such as FIRM, to
facilitate economic growth.

The FIRM initiative will be executed by the Growth Secretariat of the PIOJ under the guidance
of its Advisory Board comprised of senior public and private sector executives inclusive of
academia.

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