Development Bank of Jamaica

The Development Bank of Jamaica Limited (DBJ) was created in April 2000, from the merger of the Agricultural Credit Bank of Jamaica Limited and the National Development Bank of Jamaica Limited. The operations, assets and liabilities of the National Investment Bank of Jamaica (NIBJ) were further amalgamated with the DBJ on September 1, 2006.

DBJ’s mission is to facilitate the growth and development of all viable enterprises in the productive sectors of the Jamaican economy. These sectors include agriculture and agri-processing, manufacturing, information technology, mining and quarrying, energy, services and tourism.

In fulfilling its mandate, the Bank provides the following services:

• Appropriate medium and long-term financing solutions [through alliances with Approved Financial Institutions (AFI) and other financiers] in a timely and efficient manner and at attractive interest rates to all entities, but with an emphasis on small and medium-sized enterprises.
• Direct lending for large projects in strategic areas.
• Management and privatization of national assets and investments.

The DBJ utilizes its own resources and borrows funds from external financial institutions for on-lending through its network of AFI partners.

The National People's Co-operative Bank (NPCB)

The National People's Co-operative Bank of Jamaica Limited (NPCB) is the only ‘community bank’ for rural agricultural and community development in Jamaica.  The Bank provides a range of services to its members/clients including savings
and loan facilities to the micro, small and medium-sized enterprises (MSMEs), legal services (e.g. Financing the acquisition of land titles working through and with the National Land Acquisition Programme of the Ministry of Agriculture),
 limited bill payment services (Paymaster) and the Family Indemnity Insurance Plan through CUNA Mutual.

The Bank’s history dates back to 1905 when it was established as cooperative savings and loans institution under the Industrial and Provident Societies Law.  The PC Bank movement spread rapidly and by 1960 there were banks in operation islandwide.  In that year, the enactment of the Agricultural Credit Board Law gave the Agricultural Credit Board regulatory authority over the PC Banks while they maintained their autonomy.  These banks were originally used by the Government of Jamaica to dispense relief, rehabilitation loans and grants after natural disasters.  With the urgent need for increased production after World War II, the PC Banks became a vital link in the agricultural credit chain.  Over the years they have become the main financial institution for helping small farmers to help themselves and maintain their livelihood. Their numbers expanded and in 1994 there were 116 banks.

Since then, through reorganization and rationalization, the PC Banks were merged into a single entity the National People’s Co-operative Bank of Jamaica Ltd. (NPCB) with 37 branches and two sub-agencies across the island. The NPCB was registered under the Companies Act in December 2005 and falls under the Cooperative Act of Jamaica.

The DBJ played an integral role in the reorganization of the NPCB and continues to have oversight responsibility for the Bank’s operation. As an approved financial institution the NPCB has performed well over the past three years and
has shown increased potential for growth.  The NPCB is now considered to be ‘more than the farmer’s bank’.