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DBJ Annual Report CORE VALUES Professionalism Integrity VISION Accountability MISSION In 2020 the Development Bank of Jamaica, Innovation The Development Bank of Jamaica an inclusive, innovative, accountable, provides opportunities to all Jamaicans, customer-centric and strategy-focused employer to improve their quality of life through of choice in Jamaica; has facilitated the creation development financing, capacity of over 250,000 new jobs over the past seven years building, public-private partnership and while being a major contributor to the country’s privatisation solutions in keeping with economic growth and social transformation. Government policy. The Development Bank of Jamaica was established in April 2000, the outcome of a merger between two wholly owned Government of Jamaica institutions, the Agricultural Credit Bank of Jamaica Limited and the National Development Bank of Jamaica Limited. In September 2006, the operations of the National Investment Bank of Jamaica were merged with the DBJ. The Ministry of Finance and Planning has portfolio responsibility for the DBJ. BACKGROUND Table of Contents Board of Directors 4 Public-Private Partnerships & Privatisation 42 Management Team 5 42 Project Overviews 43 Privatisation Transactions in Progress Chairman & Managing Director’s Report 6 44 Public-Private Partnerships 6 DBJ Delivers! Transactions in Progress 9 DBJ’s 2014/15 Performance 44 Projects Being Assessed for 10 Capacity Development Development as PPPs 12 The DBJ Receives an Improved Credit 45 Other Developments in the Rating Programme 13 Corporate Governance Risk Management at the DBJ 47 DBJ Financial Highlights 15 47 DBJ’s ERM Framework 17 Asset & Equity Bases 48 DBJ’s Risk Appetite & Tolerance 18 Funding 48 Analyzing and Managing Risks 18 Funds Management 50 Risk–based Scenario Planning 18 Loan Portfolio Corporate Governance 51 19 Review of Lending Activities 51 The Framework 19 Loan Approvals 54 Corporate Governance at Work Loan Origination & Portfolio Management 19 55 Attendance at Board of Directors’ and 21 Review of Lending Programmes sub-Committee Meetings 24 SME Credit Enhancement Facility Directors’ Gross Compensation 56 25 Rio Tinto Alcan Legacy Fund for Senior Executive Compensation 57 Jamaica (RTALF) – Loan Guarantee Fund Programme GLOSSARY OF ACRONYMS 58 25 DBJ’s Lending for Energy Audited Financial Statements 2015 59 Conservation, Efficiency and Renewable Energy 62 Statement of Profit or Loss and Other Comprehensive Income 26 Direct Lending 63 Statement of Financial Position Micro Finance Institutions 27 64 Statement of Changes in Equity 28 Major MFI Division Initiatives 65 Statement of Cash Flows 2015/2016 66 Statement of Cash Flows (Cont’d) Social Inclusion Projects 29 67 Notes to the Financial Statements Strategic Services 32 Jamaica Venture Capital Programme 37 Board of Directors Annual Report 2014 - 2015 Development Bank of Jamaica Management Team Milverton Reynolds MANAGING DIRECTOR Joseph M. Matalon Milverton Reynolds Director Managing Director Dorothea Simpson Edison Galbraith Denise Arana GENERAL MANAGER GENERAL MANAGER MANAGER Finance & Treasury Loan Origination & Portfolio Public-Private Partnerships Management & Privatisation Services Richard Burgher Jeffrey Cobham Marc Harrison Dennis Morrison Sheron Henry Claudine Tracey Tamara Baugh-Brissett GENERAL MANAGER GENERAL MANAGER GENERAL MANAGER Legal Services Strategic Services Auditing Services Yvonne Williams Cleveland Malcolm Courtney Lodge Claudette White GENERAL MANAGER GENERAL MANAGER GENERAL MANAGER MANAGER Shakira Pickersgill Errol Powell Ann Marie Rhoden Dr. Dhiru Tanna Maureen Webber Human Resources & Management Information Micro Finance Communication & Company Secretary Administration Systems Marketing 4 5 Annual Report 2014 - 2015 Development Bank of Jamaica maintenance of close to 20,000 existing ones. The 2014/15 employment the fact that DBJ’s job target was figures suggest that the DBJ’s interventions in the economy are bearing heavily dependent on loans to the Chairman & Managing Director’s Report fruit, albeit slowly. labour-intensive ICT/BPO sector. While loan applications from this The lower-than-expected employment creation outturn is attributed to sector were less than expected in 2014/15, an upsurge in viable DBJ Delivers! loan demand for the Bank’s ICT/ Redefining strategy in BPO credit facility is expected in 2015/16. response to market needs The DBJ set out on its journey in 2014/15 under the theme Economic Overview ‘Transforming to be purpose driven.’ This was bolstered by It is important to place DBJ’s a revamped strategic plan that performance within the context redefined its Mission Statement of Jamaica’s socio-economic with a renewed vision for adding environment. greater value to Jamaica. Jamaica is currently in the second The new Mission Statement, The year of a four-year Extended Fund Development Bank of Jamaica Facility (EFF) Programme with the provides opportunities to all International Monetary Fund (IMF), Jamaicans, to improve their quality which was signed in May 2013 for of life through development approximately US$952.0 million. financing, capacity building, public private partnership and During Financial Year 2014/15, the privatization solutions in keeping Government of Jamaica continued with Government policy, underpins to implement several required the DBJ’s commitment to economic reforms in order to reduce contributing to economic growth the heavy debt burden, facilitate with social inclusion. sustainable economic growth and meet its quantitative targets under The Bank was able to deliver on its quarterly EFF reviews which have strategies and programmes for the been successfully completed for 2014/15 Financial Year by achieving seven consecutive review periods. most of its traditional as well as According to Ministry of Finance several new major performance and Planning sources, some of the indicators as the DBJ deepened structural reforms implemented its mandate as Jamaica’s only include: development bank. à Enhanced Fiscal Rules While we had hoped to make a à Tax Reform significant impact on employment à Public Financial Management during 2014/15 with a target of Reform 8.600 jobs, we fell short on our à Public Sector Reform expectations. However, the Bank’s à lending and capacity development Financial Sector Reform; and programmes did facilitate the à Growth Enhancing Reform creation of over 3,600 jobs and the 6 7 Annual Report 2014 - 2015 à Employees prepare packaging at Coffee Roasters of Jamaica. The company has benefited from DBJ funding and the Credit Enhancement Facility. The improvement in Jamaica’s such, the Government remains à The improved global economic fiscal performance has contributed committed to the success of the environment particularly for to the improvement in: programme, thereby laying a the major service industries, sound foundation for acceleration Hotels & Restaurants; à Jamaica’s economic outlook, of economic growth. and Transport Storage & which was upgraded from Communication. stable to positive by ratings agency Standard & Poor’s in à An improvement in domestic September 2014. Real Sector demand, as a result of the strengthening of both business à Jamaica’s ranking in the Real Gross Domestic Product (GDP) and consumer confidence Doing Business Index and the grew by an estimated 0.1% during levels. Global Competitiveness Index. Financial Year 2014/15, with the Jamaica was ranked 58th out of Services Industry representing the à The intensification of road 189 countries in the 2015 Doing largest share of growth (0.6%), rehabilitation and repair works, Business Report, representing while the Goods Producing new road construction and a ranking improvement of 27 Industries declined by 1.6%. The other building construction, places; while it was ranked 86th industries that were the main including Phases 1 and 3 of the out of 144 countries in 2014, sources of growth in the fiscal year North-South link of Highway with the country improving in were Hotels & Restaurants, with 2000, and Hotel construction 11 of the 12 pillars. growth of 3.9%; Construction (up and expansion. 1.4%); and Transport, Storage & à Confidence in the Jamaican à Construction of new office Communication (up 1.2%). The economy, allowing a return space to facilitate the industries that recorded the largest to the international capital expansion of Business Process declines during the year were markets, with the GOJ raising Outsourcing (BPO) activities. Agriculture (down 4.8%), Electricity US$800 million by way of a new à & Water Supply (down 2.0%) and Growth in stopover arrivals; bond issue in July 2014; and Manufacturing (down 1.7%). and à Both local consumer and à Increased global demand for business confidence, with these According to a review by the and production of bauxite and indices showing substantial Planning Institute of Jamaica, alumina. improvement during the the economy’s performance was financial year. driven by: à Continued implementation of Exchange Rate These accomplishments came as a initiatives aimed at improving result of the measures implemented Between March 2014 and March productivity and output in the ag- 2015, the Jamaican dollar under the IMF agreement and, as riculture industry e.g. Agro Parks. 8 Development Bank of Jamaica depreciated by 5.0%, in comparison quarter adversely affected This overall unemployment rate to 10.8% between March 2013 & agricultural prices reflected an increase of 0.8% when March 2014. The exchange rate at à Increases in bus fares compared to January 2014, when the
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