Jamaica: Minister Floyd Green urges Financial Institutions to boost support for agricultural sector

Highlighting the competitiveness of agriculture throughout the CARICOM region, Floyd Green, Minister of Agriculture, Fisheries and Mining in Jamaica, said that the flexible terms of micro, small and medium enterprises are rigid, offering little support to small farmers and entrepreneurs.

Hampered by inadequate financing from the banks to the agricultural business, Minister Green calls for action as the country aims to boost the base and productivity of the agricultural sector with a view of supporting those who are key players in food production and rural development.

The Minister asserted the need for financial support invited the stakeholders at the Development Bank of Jamaica (DBJ) Credit Enhancement Facility (CEF) and Superstars Awards held on Wednesday, August 14, at the Courtyard Marriott hotel in Kingston.

“I am urging our financial institutions to appreciate the importance of assisting our farmers and the agricultural sector in general and help out by providing more credit,” Minister Green said. He said that more funding is required to help the growth of the agriculture sector because it is important to the food security within the country as well as the economy recovery.

These remarks by Minister Green comes at a time when the agriculture sector is in the process of transformation through innovation by small farmers and other entrepreneurs. But most of these farmers have a problem accessing the required capital to finance the expansion of their businesses, the acquisition of new equipment and technologies, enhanced productivity.

The Minister is therefore encouraging financial institutions to close this gap with a view of making sure that agricultural sector is supported in the way it requires.

At the DBJ’s CEF Superstars Awards, Minister Green narrated the success stories of Jamaica in agriculture and business. The occasion focused on the achievements of different people who have received the CEF through this program that aids in giving guarantees to different enterprises that usually have inadequate security to assure loans.

Minister Green commended the DBJ for the support it has provided to the agricultural sector and called for all the other institutions to emulate the same. He noted that through the investments in the agricultural sector, the financial institutions are equally funding the farmers and at the same time helping in the growth of the economy of the country.

Finally, Minister Green re-assured that he will continue to speak on behalf of the agricultural sector and pave ways to engage the banking sector to foster proper environment to support small farmers or trader.