DBJamaica, IDB sign agreement to develop venture capital sector

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The Development Bank of Jamaica (DBJ) and the Inter-American Development Bank of Jamaica (IDB) signed an agreement under which the IDB will provide assistance in the amount of US$150,000 (J$14 million) through the Multilateral Investment Fund (MIF), for the development of the Jamaica Venture Capital Programme. The DBJ will provide counterpart funding of US$128,000 (J$12 million). The funds will be used to implement a three-pronged project aimed at developing an ecosystem conducive to the establishment of a venture capital and private equity industry in Jamaica. The first component of the project will involve a market analysis to identify opportunities and gaps in the Jamaican financial landscape. The second component is the preparation of a strategic plan for the development of the venture capital ecosystem or environment in the country. Component three will involve the implementation of a communication strategy to build awareness among stakeholders and the public on the importance of equity financing.

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