Shaw discusses agriculture with Finance Corporation

Minister of Industry, Commerce, Agriculture and Fisheries, Hon Audley Shaw, has expressed an interest in engaging the International Finance Corporation (IFC) as part of the loan financing framework for the transitioning of the agricultural sector.
The industry and commerce minister also discussed the possibility of the IFC providing support to the sector’s legal and regulatory framework as the Government works towards improving Jamaica’s trade environment.
“With the transitioning that is taking place in the agricultural sector, part of the programming has to be access to financing at competitive rates,” said Minister Shaw.
Minister Shaw was speaking with the IFC’s Vice-President for Latin America and the Caribbean (LAC), Europe and Central Asia (ECA), Georgina Baker, and team during a visit to his New Kingston offices in St. Andrew on May 21.
Among the priority areas identified for assistance is the provision of small-scale gravity fed drip irrigation systems for use by the approximately 240, 000 small farmers, most of whom operate on hilly terrains. In addition, discussions were held regarding assistance with priority crops identified for expansion such as coconuts, mangoes, coffee, cocoa, ginger and Scotch bonnet pepper.
For her part, Ms Baker said the IFC would welcome the opportunity to collaborate with Jamaica in identifying the crops/products for which we have natural competitive advantage as well as providing advisory services.
Among the objectives of the LAC and ECA regions are promoting inclusive growth, fostering competiveness and innovation, increasing regional and global integration and tackling climate change.
The IFC is the largest global development institution focused exclusively on the private sector in developing countries and has been working with the Government on a number of advisory projects including the Trade Portal and Doing Business reforms.