Development Bank of Jamaica Limited (DBJ)

The Development Bank of Jamaica Limited (DBJ) is a statutory body established in April 2000, formed through the merger of the former National Development Bank of Jamaica Limited and the Agricultural Credit Bank of Jamaica Limited. In July 2006, the DBJ assumed the operations and certain assets and liabilities of the National Investment Bank of Jamaica Limited, expanding its mandate to encompass investment banking, and the administration and management of retirement schemes and superannuation funds.

The DBJ’s mandate is to facilitate and promote economic growth and development in Jamaica. The Bank provides wholesale financing to approved financial institutions and micro-finance institutions, channelling resources to large-scale projects as well as micro, small, and medium enterprises (MSMEs). It also delivers technical support solutions to businesses and provides privatisation and public-private partnership services on behalf of the Government of Jamaica.

For the 2026/27 financial year, the DBJ will advance its transformation into an impact-driven development finance institution anchored on economic development, social advancement, and environmental sustainability. Key initiatives include implementing the M5 Business Recovery intervention to support enterprises across agriculture, manufacturing and agro-processing, tourism, and health in the aftermath of Hurricane Melissa and other initatives.

These initiatives are expected to generate total investments of approximately $33,611.05 million and loan disbursements of $7,131.86 million. The DBJ forecasts a net surplus of $597.02 million for 2026/27.

Indicators	Findings
Board with requisite skills as per the Competency Profile
Chairperson is not sitting more than two consecutive terms
Chairperson that chairs no more than two other public boards
Board with a minimum of 30% male members
Board with a minimum of 30% female members
Current board retained at least 3 members or a third of previous board
Board Charter (which includes conflict of interest provisions)
Non-Executive Independent Chair
Trained Corporate Secretary
Annual board training (in procurement, risk management, etc.)
Annual board evaluation
Board processes are executed (AGM, Annual Calenders, Meeting Frequency, Filings at Companies Office, etc.)
Board minutes are transmitted to the Permanent Secretary
Information & Disclosure policy
Internal auditor that reports to board through Audit Committee
Audit Committee with Terms of Reference
Audit Committee with three or more members including a qualified accountant/persons possessing expertise in finance
Audit Committee that does not include the Board Chair
Audit Committee that excludes the Procurement Committee Chair
Procurement Committee that rotates members every three years
Independent Chair of Procurement Committee (not chaired by Finance Director)
Board procedures in place regarding procurement oversight
Trained Procurement Committee
Annual Procurement Plan
Annual Report to the Responsible Minister submitted within 4 months of the end of the entity's financial year
Annual Board-Approved Corporate Plan in place by Nov 30 (must include strategic objectives, budget and work plan)
Annual Report tabled in Parliament within six (6) months of the entity's financial year
Minister issued Statement of Corporate Expectation to board
Chair and Responsible Minister met at least twice yearly to discuss Agency performance and emerging issues
Corporate Social Responsibility Framework (including Donations Policy)
Code of Ethics with conflict-of-interest provisions
Staff that are trained in Code of Ethics
Whistle Blowing Policy
Enterprise Risk Management Policy

Indicators

Findings

Board with requisite skills as per the Competency Profile

Chairperson is not sitting more than two consecutive terms

Chairperson that chairs no more than two other public boards

Board with a minimum of 30% male members

Board with a minimum of 30% female members

Current board retained at least 3 members or a third of previous board

Board Charter (which includes conflict of interest provisions)

Non-Executive Independent Chair

Trained Corporate Secretary

Annual board training (in procurement, risk management, etc.)

Annual board evaluation

Board processes are executed (AGM, Annual Calenders, Meeting Frequency, Filings at Companies Office, etc.)

Board minutes are transmitted to the Permanent Secretary

Information & Disclosure policy

Internal auditor that reports to board through Audit Committee

Audit Committee with Terms of Reference

Audit Committee with three or more members including a qualified accountant/persons possessing expertise in finance

Audit Committee that does not include the Board Chair

Audit Committee that excludes the Procurement Committee Chair

Procurement Committee that rotates members every three years

Independent Chair of Procurement Committee (not chaired by Finance Director)

Board procedures in place regarding procurement oversight

Trained Procurement Committee

Annual Procurement Plan

Annual Report to the Responsible Minister submitted within 4 months of the end of the entity's financial year

Annual Board-Approved Corporate Plan in place by Nov 30 (must include strategic objectives, budget and work plan)

Annual Report tabled in Parliament within six (6) months of the entity's financial year

Minister issued Statement of Corporate Expectation to board

Chair and Responsible Minister met at least twice yearly to discuss Agency performance and emerging issues

Corporate Social Responsibility Framework (including Donations Policy)

Code of Ethics with conflict-of-interest provisions

Staff that are trained in Code of Ethics

Whistle Blowing Policy

Enterprise Risk Management Policy

Indicators	Findings
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Indicators

Findings

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Development Bank of Jamaica Limited (DBJ)

Dr. David Lowe

Paul B. Scott

Dr. The Most Hon. Andrew Holness, ON, PC, MP

Mrs Arlene Williams, CD, JP

Overview

Key Compliance Results