IDB Official Affirms BIGEE’s Role in Driving MSME Growth Across Jamaica

Inter-American Development Bank (IDB) Chief of Operations for the Caribbean Region, Karisa Ribeiro, says the Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) Programme remains instrumental in driving the expansion of several micro, small and medium-sized enterprises (MSMEs) across Jamaica.

“To date, over 1,400 MSMEs and 50 ecosystem institutions have received direct assistance under the programme; the beneficiary MSMEs recorded an average of 20 per cent increase in sales. BIGEE has had a real impact and has played a key role in the expansion of several MSMEs,” Ms. Ribeiro said.

She provided an update on the programme during the Ministry of Industry, Investment and Commerce MSME Linkages Day event at the University of Technology (UTech) in St. Andrew recently.

Ms. Ribeiro said coordinated policies, targeted support and sustained investment are vital to unlocking the MSME sector’s full potential and driving inclusive economic growth.

A flagship initiative of the Development Bank of Jamaica (DBJ), BIGEE is aimed at empowering MSMEs and promoting innovation in Jamaica.

The five-year programme, which commenced in September 2020, is funded through a US$25-million IDB loan and a US$8.2-million grant from the European Union (EU).

It is intended to strengthen Jamaica’s entrepreneurial ecosystem and support MSMEs through funding, technical assistance, and mentorship.

Ms. Ribeiro noted that the IDB Group, in collaboration with the Government of Jamaica and other key stakeholders, intends to deepen its support for MSMEs.

“We take the progression of Jamaica’s economy seriously, and we recognise that this cannot be achieved without the expansion of its MSMEs. This is why we did not hesitate to be here and, once again, partner with the country’s leaders on another impactful venture that supports Jamaican firms,” she said.

Ms. Ribeiro emphasised that beyond the BIGEE Programme, the IDB Group remains committed to fostering an enabling environment that equips businesses of all sizes with the tools they need to thrive.

“IDB Group will continue to leverage its strengths to catalyse [significant] private-sector participation and deliver integrated public-private solutions across the globe,” she said.

Source: JIS