KINGSTON, Jamaica — In response to the devastating impact of Hurricane Beryl, which resulted in the loss of over 280,000 broiler chickens, the government is offering a $1 billion line of credit to major broiler manufacturers. This initiative aims to prevent a chicken shortage in the local market and support the recovery and expansion of the broiler industry.
The loan, provided through the Development Bank of Jamaica (DBJ), will be offered to farmers at a 7.5 percent interest rate.
Key Points:
- Funding Details:
- The $1 billion credit line will be available to broiler companies and certified farmers.
- The interest rate for the loan is set at 7.5 percent.
- The loan period is eight years.
- The maximum amount available per project is 90 percent of the project cost.
- Broiler companies must guarantee the loans to DBJ in case farmers default on payments.
Objective: Prime Minister Andrew Holness emphasized the need to bolster chicken production to meet increasing demand from tourism, the BPO sector, and exports to the Caribbean. This funding will help ensure that Jamaica’s production capacity is enhanced to meet these growing demands.
This initiative is a critical step in stabilizing and expanding Jamaica’s broiler industry, ensuring a steady supply of chicken to the local market, and supporting the economic recovery of farmers affected by Hurricane Beryl.
{“jamaica-observer”:”Jamaica Observer”}
