Tweet
Sunday, October 12, 2008
After five years of deliberation and planning Government has finally launched the $1-billion Development Bank of Jamaica-Petrocaribe SME Energy Fund to help renewable energy projects among small and medium-sized enterprises.
Capitalised from the PetroCaribe Fund companies can borrow funds of up to $5 million, representing no more than 75 per cent of a project's cost, at a fixed rate of 10 per cent repayable over seven years. Institutions can borrow at a lower rate of seven per cent. The funds are to be on-lent via approved financial institutions (AFIs).
Prime Minister Bruce Golding (right) being greeted by Development Bank of Jamaica (DBJ) managing director Milverton Reynolds at the launch of the DBJ-Petrocaribe SME Energy Fund, held at the Jamaica Pegasus Hotel in New Kingston on Friday. (Photo: Lionel Rookwood)
Meanwhile householders remain encouraged to seek funding via the National Housing Trust (NHT) home improvement and solar water heater loans.
Speaking at the fund's launch held at the Jamaica Pegasus Hotel in New Kingston on Friday Ruth Potopsingh, group managing director of the Petroleum Corporation of Jamaica (PCJ) said that the fund could be accessed by hundreds of persons and marked a milestone for renewable energy in Jamaica.
"The PCJ, a pioneer in renewable energy solutions and an implementor of energy efficiency and conservation projects in public facilities such as hospitals, clinics and schools, cannot by itself achieve the national goal to reduce the country's dependence on imported fossil fuel by 50 per cent by the year 2017. It requires every Jamaican company, household, business and individual to take responsibility and to make this happen," said Potopsingh.
She added that the launch of the fund restored a level of confidence among civil servants, who backed the fund as part of the national energy policy.
Also speaking at the launch DBJ managing director Milverton Reynolds said that the institution was in dialogue with international lending institutions to ensure the long-term sustainability of the fund.
Each project which receives funding must have an approved energy audit carried out. The University of Technology (UTech) have partnered with the fund to train and certify energy auditors.
For more information contact the DBJ: 929-4010-7 or 929-6124-8
SMEs as defined by the fund
- Small enterprises carry an asset base of between US$10,000 and US$100,000 and an annual turnover of between US$125,000 and US$1 million. Employment levels usually do not exceed 50 persons.
- Medium enterprises have an annual turnover of between US$1-4 million. Employment levels are between 50-150 persons
- Small hotels have between 10 and 100 rooms, employ up to 150 persons and annual revenues do not exceed US$4 million.
http://www.jamaicaobserver.com/magaz..._LAUNCHED_.asp
After five years of deliberation and planning Government has finally launched the $1-billion Development Bank of Jamaica-Petrocaribe SME Energy Fund to help renewable energy projects among small and medium-sized enterprises.
Capitalised from the PetroCaribe Fund companies can borrow funds of up to $5 million, representing no more than 75 per cent of a project's cost, at a fixed rate of 10 per cent repayable over seven years. Institutions can borrow at a lower rate of seven per cent. The funds are to be on-lent via approved financial institutions (AFIs).
Prime Minister Bruce Golding (right) being greeted by Development Bank of Jamaica (DBJ) managing director Milverton Reynolds at the launch of the DBJ-Petrocaribe SME Energy Fund, held at the Jamaica Pegasus Hotel in New Kingston on Friday. (Photo: Lionel Rookwood) Meanwhile householders remain encouraged to seek funding via the National Housing Trust (NHT) home improvement and solar water heater loans.
Speaking at the fund's launch held at the Jamaica Pegasus Hotel in New Kingston on Friday Ruth Potopsingh, group managing director of the Petroleum Corporation of Jamaica (PCJ) said that the fund could be accessed by hundreds of persons and marked a milestone for renewable energy in Jamaica.
"The PCJ, a pioneer in renewable energy solutions and an implementor of energy efficiency and conservation projects in public facilities such as hospitals, clinics and schools, cannot by itself achieve the national goal to reduce the country's dependence on imported fossil fuel by 50 per cent by the year 2017. It requires every Jamaican company, household, business and individual to take responsibility and to make this happen," said Potopsingh.
She added that the launch of the fund restored a level of confidence among civil servants, who backed the fund as part of the national energy policy.
Also speaking at the launch DBJ managing director Milverton Reynolds said that the institution was in dialogue with international lending institutions to ensure the long-term sustainability of the fund.
Each project which receives funding must have an approved energy audit carried out. The University of Technology (UTech) have partnered with the fund to train and certify energy auditors.
For more information contact the DBJ: 929-4010-7 or 929-6124-8
SMEs as defined by the fund
- Small enterprises carry an asset base of between US$10,000 and US$100,000 and an annual turnover of between US$125,000 and US$1 million. Employment levels usually do not exceed 50 persons.
- Medium enterprises have an annual turnover of between US$1-4 million. Employment levels are between 50-150 persons
- Small hotels have between 10 and 100 rooms, employ up to 150 persons and annual revenues do not exceed US$4 million.
http://www.jamaicaobserver.com/magaz..._LAUNCHED_.asp