THE Government has initiated steps to tap into nearly $50 billion in dormant bank accounts, which are being sought to provide low-interest financing to micro, small and medium-sized enterprises (MSMEs).

Industry, Commerce, Agriculture and Fisheries Minister Audley Shaw says a consultancy group has been contracted and tasked with the responsibility of reviewing and advising the Administration on this engagement.

He was speaking at a Jamaica Business Development Corporation (JBDC) stakeholder breakfast forum, held at the Spanish Court Hotel in New Kingston on Thursday.

The action comes against the background of the governance framework, which Shaw noted stipulates a 15-year timeline before the dormant funds can be accessed by the State.

This compares to the international standard of seven years, and the five-year timeline in the United States.

Shaw, who advised that he met with the consultants earlier this week, indicated that the group is “actively” exploring the matter and will submit reports on the outcomes.

http://www.jamaicaobserver.com/news/gov-t-initiates-action-to-access-dormant-bank-accounts_158486