By Ashford Meikle, Staff Reporter 
The president of AMCHAM, R. Anthony Jenkins, left, congratulates IDB representative to Jamaica, Keith Evans, second right, after his presentation at AMCHAM's 'Good Morning Jamaica' seminar held at the Pegasus Hotel last Friday. Also in attendance were AMCHAM's Executive Director, Becky Stockhausen, second left, and Oceanic Digital's vice-president, David Palmer, right. - Rudolph Brown/Staff Photographer
MORE JAMAICAN companies should explore financing from the Inter-American Development Bank (IDB). This is the view of the IDB representative for Jamaica, Keith Evans. He was speaking at the 'Good Morning Jamaica' roundtable breakfast seminar organised by the American Chamber of Commerce of Jamaica (AMCHAM). The seminar was held last Friday at the Jamaica Pegasus Hotel in New Kingston.
Stressing the bank's commitment to the economic development of Jamaica, Evans used the opportunity to highlight the IDB's funding in Latin America and the Caribbean. Of particular note was the disbursement in 2003 of a US$30 million loan to Oceanic Digital Jamaica.
MAJOR ACHIEVEMENT
The purpose of the loan was to assist Oceanic Digital (which operates under the name, MiPhone) in it's expansion drive outside of Kingston with the company aiming for islandwide coverage by the end of this year. Oceanic projected a total cost of US$85 million with its equity stake placed at US$55 million. The loan was a major achievement for Jamaica since it was the first time the IDB's Private Sector Department was making a disbursement to a local company. That department was established in 1994, its mandate being to lend directly to private companies without the guarantee of the Government in the particular country in which the private firm operates.
In explaining the IDB's approval of the loan to Oceanic Digital, the bank explained on its Web site that "The project will contribute to the country's development through investment in information technology, which has been identified as a critical area for the advancement of developing countries, and it will spur private sector growth in telecommunications."
Since 1961 the IDB has disbursed over US$1.5 billion in credit facilities to Jamaica. The disbursement to Oceanic Digital in December 2003 was the only credit facility extended to the country in 2003.
