KINGSTON, Jamaica, CMC- 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 programs of varying sizes, which are geared towards climate change resilience.
In a statement, the DBJ said this accreditation would see Jamaicans benefiting significantly through the various impactful climate-related projects or programs that the bank will implement and its partners.
“ As Jamaica’s development finance institution, this provides a significant opportunity for the bank to provide the necessary climate financing to support the Government’s climate change resilience agenda,” the bank said.
The DBJ will be able to access funding for grants, lending, equity, and guarantees to assist in addressing the negative impacts of climate change and contribute to the achievement of the 2016 Paris Agreement goal of limiting global warming and other related Sustainable Development Goals.
“This is a significant achievement for the bank and Jamaica. The DBJ will be able to contribute significantly to the country, reducing its greenhouse gas emissions and adapting 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,” said DBJ’s Managing Director, Anthony Shaw. s
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 certified in March 2022.
The Development Bank of Jamaica provides loans for Micro, Small, and Medium-sized Enterprises with annual revenues of up to J$150 million and fewer than 50 employees.
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