The Jamaica Foundations for Competitiveness and Growth Project (FCGP) is a US$50 million, six-year project from the World Bank to Jamaica designed to provide support to the nation’s
Growth Agenda. The objective of the Project during its 6-year implementation period is to strengthen the business environment for private sector investment. Consistent with the GOJ growth plans, it will contribute to the implementation of the “Vision 2030” by creating an enabling business environment and will also result in achieving Goal 3 -“Jamaica will be prosperous”. This will be realised through the creation of a) strong economic infrastructure with internationally competitive industry structures and b) business development support and increasing finance a fostering a culture of entrepreneurship and innovation.
The FCGP addresses these areas that require improvement through three (3) main vehicles/components; these are in turn supported by a Monitoring and Evaluation (M &E)
Component to ensure that the project goals, objectives and expectations are met.
- Component 1: Enhancing competition in the business environment
- Component 2: Facilitating Strategic Private Investments
- Component 3: SME Productivity Improvement; and
- Component 4: Monitoring & Evaluation.
The Development Bank of Jamaica (DBJ) will implement Components 2 and 3 of the FCGP while the Planning Institute of Jamaica will govern the entire project administration and JAMPRO will implement other components. This collaborative will employ an implementation model that leverages public | private dialogue to ensure success, accountability and transparency.
Jamaica Foundations for Competitiveness and Growth Project
Component 3 – Small Business Development.
DBJ Component 3A-SME Supply-Chain Productivity Improvement
Funded with US$4.5 million, this component is designed to drive economic development by increasing the impact of businesses on the economy. Component 3A has one simple goal – to increase the productivity within businesses which cause an increase in exports and, or reduce imports through import substitution.
During 2016 and 2017, grants will be offered to upgrade and support enterprises’ competencies, knowledge and skills within successful supply chains/sectors such as, but not limited to agro-processing and services. There will be a call for eligible groupings of local suppliers and local buyers to first submit their idea (concept); successful applications to this round will then be invited to submit detailed proposals for assessment and review.
The benefits to successful projects will include but will not be limited to:
• Improved governance
• Improved production process, layout and labour re-organisation
• Product design and development
• Standards certification and quality control
• Market research, pricing and marketing
• Branding, packaging and labelling
• Exporting and trade fairs
• Merchandising and packaging design
• Management and organisation
• IT systems
• Costing and financial management systems
To access this grant, a leading seller of goods or services will collaborate with a network of smaller suppliers to propose a project that will result in an improvement of their productivity and cause growth. This grant is unique in that the entire group of successful enterprises will benefit from this investment from the Government of Jamaica (GOJ). All inquiries about the upcoming Supply Chain Development Grant Programme are welcome at firstname.lastname@example.org.
DBJ Component 3B-SME Finance (The DBJ Growth Loan)
Component 3B offers a two to seven-year growth loan of up to J$50 million. With funding of J$1.86 billion, this project will empower small businesses within many sectors, with 150 or fewer employees and earnings of up to J$450 million in annual sales.
The projects that the DBJ is likely to fund under the growth loan are those that support Working Capital needs or provide business investment funds for projects. One example of business investment project is purchasing and installing new equipment for increase in productivity and or sales. The projects will also benefit from an environmental, social and safety screening which will support their risk management goals.
Commercial banks will be empowered to off-lend to qualified SMEs that meet predetermined criteria. The DBJ advises MSMEs to speak with their bankers and ask about its Growth Loan.
The DBJ welcomes all inquiries for the Growth Loan at email@example.com
At the end of this project component, Jamaica will realise Goal 3 of the Vision 2030 as hundreds of local businesses will enjoy increased sales and increased employment.
Environmental Management Framework (EMF) For the Jamaica Foundations For Competitiveness and Growth Project
Please see document below.