Harmony Cove, a world-class luxury resort, is the DBJ’s flagship tourism development.

The Development Bank of Jamaica is providing the catalyst for rapid yet controlled national economic growth and the promotion of tourism on the island.

Within the last five years, the Development Bank of Jamaica (DBJ) has been a major player in facilitating investment and growth within the country. Created in 2000 following the merger of the Agricultural Credit Bank of Jamaica and the National Bank of Jamaica, The DBJ’s main mission is to mobilize resources and provide access to a menu of affordable loan products and non-lending development services for the agricultural, agro-industrial, information processing, manufacturing, mining, and tourism industries.

MR. KINGSLEY THOMAS DBJ Managing Director

In the past few years, the bank has seen a doubling of its lending activities and significant increases in loan approvals to key sectors of the economy. Under Managing Director Kingsley Thomas, DBJ has taken an innovative and proactive approach to the country’s development through the promotion of special projects and programs that are aligned with the government’s priorities. Nearly all of Jamaica’s major infrastructure projects bear the stamp of DBJ, and some of the largest tourism projects now underway on the island are also initiatives of the bank. The bank’s investments are already having a noticeably positive impact on the levels of economic growth and job creation.
Its most recent endeavor is also one which could very well revolutionize Jamaica: Highway 2000. The 223-kilometer long four-lane motorway will connect Kingston to Montego Bay and Ocho Rios, stretching to connect both ends of the island. The benefits are already visible, as Highway 2000 has already seen high-level use on completed segments and, more importantly, the stirrings of economic development in regions that are newly connected. Plans for new housing developments have been proposed for some areas along the corridor, and approvals for new plants and factories have been sought in other previously inaccessible zones. “Highway 2000 is intended to open up Jamaica. It’s not just the roads, it’s about what it does,” states Mr. Thomas. “The project is intended to open up Jamaica to allow for a balance in economic development.”

Harmony Cove, DBJ’s second-largest project, is a 1,400-acre integrated luxury resort colony planned for the northern coast of the island. It will be made up of estate villas, elegant homes and town homes, fine resort accommodations and boutique hotels for guests and residents. The development will include two championship golf courses, conference facilities and a convention center, a convention hotel, a family resort, a boat marina and a world-class spa. The complex will also boast over 60,000 square feet of boutique and signature retail facilities.

Nearly all of Jamaica’s major infrastructure projects, and some of the largest in tourism, bear the stamp of DBJ

Other projects developed by DBJ include the Falmouth redevelopment project, which sets its sights on rebuilding the historically significant town and recreating major attractions, boosting tourism and providing a catalyst for further development in the town and its surroundings. Another venture, the Jamaica Music Revue, is a 100-minute theatrical extravaganza which uses the island’s best talent to showcase the evolution of Jamaican music and dance. The inner-city housing development project is the government’s effort, with, of course, the DBJ’s collaboration, to promote sustainable development in the inner city communities of the Kingston metropolitan area. The plan calls for building 5000 units over a three-year period at a total cost of $3 billion. Mr. Thomas is also the driving force behind Jamaica Lifestyle Villages, gated master-planned communities geared towards retirees and designed to promote a healthy lifestyle for people aged over 50. The resort-style villages will offer individualized services, independent living and assisted care, and include jogging trails, a fitness center, restaurants, community centers with activities and Internet cafes.