Wednesday 26 February, 2020

DBJ issues call for proposals from fund managers

Milverton Reynolds, managing director of the Development Bank of Jamaica.

Milverton Reynolds, managing director of the Development Bank of Jamaica.

The Development Bank of Jamaica (DBJ) is issuing a call for proposals (CFP) to local and international fund managers with the capability of raising matching private capital and undertaking investments in Jamaican small and medium-sized enterprises.  

The bank through its implementing units JVCapital (Jamaica Venture Capital Programme), Access to Finance and in collaboration with a group of corporate investors is issuing the call for proposals.

The call is under the Jamaica Access to Finance for MSME, a Government of Jamaica project, with financing received from the World Bank, a part of which is geared specifically to supporting the establishment of a SME Fund for risk capital financing.

The DBJ in 2014 established JVCapital (Jamaica Venture Capital Programme) as its implementation unit to work with a group of corporate and institutional investors “investor panel”, which from time to time collaborate to issue “calls” for fund managers. This is the third time that the DBJ and the ‘Investor Panel’ are issuing “Call” for fund managers.

To date the DBJ has invested in five funds: Portland Private Equity, Caribbean Mezzanine Fund 1, Sygnus Credit Investments, MPC Caribbean Clean Energy and SEAF Caribbean SME Growth Fund.

The funds have to date made a combined investment in 37 companies valued at US$185 million and have raised US$318.7 million in Jamaica and the wider Caribbean and Central America. Twenty-two of these investee businesses are locally owned.

Eligible applicants are invited to present their proposal to the panel in accordance with the terms, conditions and requirements as set out in the CFP document which can be found at and/or

Submission of proposal should be in both electronic and hard copies to and “The Investor Panel Secretariat, Fund Manager for the Establishment & Management of an SME Fund c/o Development Bank of Jamaica, 11a Oxford Road, Kingston 5.

The closing date for submission is Friday, March 13, 2020, at 3 pm Fund Managers selected under the pre-qualification process will be required to make a presentation to the “Panel” on a date to be advised during the period April 8 to14, 2020.


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