Jamaica to Create More Jobs Through Investment in ICT

The Development Bank of Jamaica (DBJ) has reportedly agreed to lend $62 million USD to the ICT sector as part of the government’s plan to create 6,000 jobs over the next few years. Jamaica, home to the largest number of call centers in the Caribbean, has recently been investing a significant sum of money to boost its ICT infrastructure.

According to Sunday Gleaner, the bank expects to create 13,000 jobs over the next five years, with the ICT sector being the main generator of jobs. Jamaica also hopes to generate a few thousand jobs in agriculture and tourism, two of the main pillars of the national economy.

In his budget presentation, Finance Minister Dr Peter Phillips stated that the DBJ would lend another $19 million to help sustain growth in small and medium-sized enterprises. The bank says that before lending money it would assess the projects for their potential in generating jobs.

In April this year, DBJ agreed to lend $20 million for the construction of dozens of information and communications technology (ICT) centers across the Caribbean country. Phillips stated that the government initiative alone would create between 7,000 and 8,000 jobs in the ICT sector.

The Caribbean country has been strengthening its infrastructure because it is determined to draw an increasing number of outsourcing companies into its territory. According to local newspapers, Jamaica is also pursuing energy diversification and conservation strategies, and the Jamaica Public Service Company is preparing to spend over $630 million USD in power plants and renewable energy projects.