Status: Partial Compliance
Last Assessed: May 4, 2018
Year Reported: 2015
Year Resolved:
Recommendation
DBJ should also ensure that Approved Financial Institutions and Micro-Financing Institutions are properly monitored to provide greater assurance that loans provided to these institutions are on-lent to borrowers in the respective sectors of the economy for the intended purpose. For example, over the six-year period (2009-10 to 2014-15), DBJ provided $2.42 billion in loans to a Cooperative for on-lending to finance projects in the agricultural sector. However, DBJ did not monitor the Cooperative’s loan disbursement to ensure that the loans provided to the Cooperative were only on-lent to borrowers for agricultural activities.
JAMP Update
DBJ’s Response: In 2015, we amended our letters to require submission of evidence of disbursement and reporting to track receipt by the targeted beneficiaries.
New Access to Information sent on August 10, 2020 for update
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Permanent
Secretary
Audrey Sewell CD, JP
Office of the Prime Minister,
1 Devon Road,
Kingston 10,
Jamaica
876-926-1590
Managing Director
Development Bank of Jamaica (DBJ)
Milverton Reynolds
11A-15 Oxford Road, Kingston
876-929-4000
Board Chairman
Development Bank of Jamaica (DBJ)
Paul B. Scott
11A-15 Oxford Road, Kingston
876-929-4000
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