SCOTIABANK IS providing the Development Bank of Jamaica (DBJ) with $300 million to assist with the rehabilitation of the agricultural sector, according to the managing director of Scotiabank in Jamaica, William Clarke.

The president and chief executive officer of The Bank of Nova Scotia in Toronto, Canada, Rick Waugh, also announced the donation of US$250,000 (approximately $15.5 million) to assist with the rehabilitation of Jamaican primary schools severely damaged by Hurricane Ivan. The Office of National Reconstruction will be asked to select one school in each of the parishes of Clarendon, Manchester and St. Elizabeth and also in Cave Valley, St. Ann.

UNCONDITIONAL COMMITMEN

"Scotiabank, over its 115 years in Jamaica, has always shown our unconditional commitment to the development of this country," Mr. Clarke said. "We reassure all Jamaicans that our support will continue during the recovery from Hurricane Ivan."

Mr. Clarke also said the DBJ loans will be for seven years, at an interest rate of 9.5 per cent per annum. In a letter to Prime Minister P.J. Patterson yesterday, he said the loans will be available to the parishes worst affected by Hurricane Ivan.

The DBJ will lend the funds directly through the Peoples Co-operative Banks to the farmers worst affected.

To further assist in the rehabilitation process, Scotiabank will provide its existing agricultural loan customers with a moratorium on principal repayments for six months. Scotiabank has established the Hurricane Ivan Relief Fund Savings Account # 905990 Scotiabank Centre Branch. Members of the public may make their contribution to this account from any Scotiabank branch.

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