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Financial sector responds to independence of Bank of Jamaica

Financial sector responds to independence of Bank of Jamaica
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60 mining and quarry operators benefit from entrepreneurial training

IDB Invest and JMMB Bank partner to promote access

IDB Invest, JMMB Bank promote access to financing for SMEs in Jamaica

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.

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