CEO of Derrimon Trading Derrick Cotterell
CEO of Derrimon Trading Derrick Cotterell and CEO of IDB Invest James Scriven shake hands following the signing of the agreement last week.
Stefan Wright, Tourism Lead Investment Officer at IDB Invest
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Stefan Wright, Tourism Lead Investment Officer at IDB Invest and CEO of Derrimon Trading Derrick Cotterell
By Javaughn Keyes
Listed company Derrimon Trading has secured a US$13 million loan from the private sector lending arm of the Inter-American Development Bank, IDB Invest.
The agreement, signed last week, will see the company receiving funding to help boost agricultural productivity.
Stefan Wright, Tourism Lead Investment Officer at IDB Invest, said the partnership signifies the commitment to help support Derrimon's capacity to serve vulnerable populations by boosting agricultural productivity, product diversification, and innovation and supply chain solutions in the country.
"With this partnership, Derrimon and IDB Invest seal their commitment to supporting the company's capacity to serve vulnerable populations as it plays a crucial role in boosting agricultural productivity, product diversification, and innovation and supply chain solutions in the country.
"The project will help modernise the company's existing warehouse structure, increasing efficiency and reducing days of inventory. As a result, it will also increase market linkages from regional imports, particularly from Guyana and Suriname, where Derrimon imports rice and margarine products, key staples of the Jamaica diet," he noted.
The facility will also help Derrimon reduce its green house emissions, as it includes an Environment and Management Plan.
The company hopes to increase its use of renewable energy fourfold.
CEO of Derrimon Trading Derrick Cotterell said the facility will boost local and regional food security.
"We will ensure that we have a more sustainable facility and pipeline for commodities that are Caribbean based, for example, rice. Derrimon Trading happens to be the largest importer of rice and so this facility will be able to be utilised to assist with ensuring that this pipeline is continued and enhanced," he said.
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