In keeping with Government of Jamaica’s policy objectives, the Development Bank of Jamaica (DBJ) has a mandate to expand access to finance and technical assistance for businesses, particularly SMEs, in Jamaica. 

Since 2013, the DBJ, through the Jamaica Venture Capital Programme – JVCAPITAL – has been a catalyst for the development of the entrepreneurial and early-stage ecosystem and the private capital markets in Jamaica.   

In 2016, the bank made its first investment as an anchor investor in a private equity fund.  Since that time the bank has invested across different fund strategies, with primarily first-time fund managers.   

As at the end of fiscal year 2022/2023, the DBJ had committed capital of some US$16.95 million, as anchor investor in 9 funds including private equity, private credit, mezzanine, energy infrastructure, and SME growth funds.  Collectively, these funds have raised some US$537.7 million from other private capital sources, for investment in Jamaica and the Caribbean.  The bank expects to increase its commitments by a further US$12.85 million during fiscal year 2023/24. 

JVCAPITAL was supported through a Technical Assistance Grant from the IDB Lab, which ended in December 2021, while the World Bank funded, Access to Finance has funded other key ecosystem building initiatives. 

With a long-term vision of Jamaica and the Caribbean Region achieving annual private equity issuances of 1.5% to 2% of GDP, thereby fuelling sustainable, private sector led, economic growth and development, the DBJ has streamlined its developmental activities to include its investing activities through the PCTU, as well as leading the establishment of the Caribbean Alternative Investment Association, which has created a dynamic network for private sector stakeholders to assume leadership of the continued expansion of a globally competitive alternative investment market in the Caribbean Region. 

With the case studies and experiences from JVCAPITAL and the DBJ’s IGNITE Programme, the Boosting Innovation & Growth in Entrepreneurial Ecosystems (BIGEE) Project was also established, with funding from IDB and EIB, to ensure continued development of Jamaica’s entrepreneurial ecosystem, and a pipeline of investment ready businesses.