JMMB Bank CEO Jerome Smalling.
IDB Invest, a member of the IDB Group, has made an agreement with JMMB Bank (Jamaica) Limited, which will allow the bank to access US$35 million at a five-year tenor to facilitate increased financing to small and medium-sized enterprises (SMEs).
Access to finance for SMEs remains a challenge in Jamaica, despite this sector generating 80 per cent of jobs and contributing significantly to the country s gross domestic product, according to information from the Ministry of Industry, Commerce, Agriculture and Fisheries, 2019.
The project will increase the availability of long-term financing to JMMB Bank to support the growth of its SME lending while contributing to the maturity and structure of its debt profile.