Private Sector Development Programme - Technical assistance services

In Jamaica the private sector is considered the most effective engine for growth and development of business activities. It is expected that growth in Jamaica in the coming years will have to be largely export-led. To realise such export-led growth requires improving the competitiveness of the private sector, involving cost reductions and investments in restructuring in favour of more competitive activities. As interest rates are trending down, factors limiting access to credit, such as strict collateral requirements, may become an important obstacle to investment growth, especially for micro, small and medium-size enterprises (MSMEs). Small and medium enterprises (SMEs) also face important internal constraints in terms of management, technology, product quality and marketing capability. An emerging challenge is also the need to meet quality and environmental standards at the main export markets, as well as certification requirements. Against this background, the private sector in Jamaica faces numerous developmental constraints, notably in the evolving context of globalisation and the opening of the economy, which put pressure on firms to adapt to increased competition at home and on foreign markets.  Notwithstanding this aspect, Jamaica presents a wide spectrum of development opportunities, both on the local and export markets. However, in order to develop and compete, businesses need simultaneous access to finance and business development services to enhance chances of success.

Thus, the overall objective of the project of which this contract was a part was to enhance the perspectives of socio-economic development through strengthening of the private sector in Jamaica within the challenging context of globalisation and liberalisation of the economy. The programme aimed specifically at enhancing the competitiveness of Jamaican MSMEs and strengthening their support and representative organisations.