DBJ and EXIM Bank to Expand Financial Services to MSMES

The Development Bank of Jamaica (DBJ) and the National Export-Import Bank of Jamaica (EXIM Bank) will be expanding the provision of new financial services to the micro, small and medium-sized enterprise (MSME) sector.

These services, which are not currently available to them from the commercial financial institutions, include assistance with single-digit interest rates, venture capital, factoring and leasing.

“Assistance will also be given to small and medium-sized enterprises (SMEs) to meet the collateral requirements of commercial banks,” said Finance and the Public Service Minister, Hon. Audley Shaw.

He was opening the 2018/2019 Budget Debate in the House of Representatives on March 8 under the theme ‘Stability, Growth and Prosperity – Our Goal, Our Responsibility’.

Minister Shaw said that MSMEs are the “backbone of our economy and a primary source of employment” and must be supported.

He hailed the assistance to the sector from the multilateral development partners. Recently, the World Bank signed a US$15-million loan contract with the Government to improve access to finance for MSMEs.

“This will bolster the initiative supported by the Inter-American Development Bank (IDB) to assist businesses to meet the collateral requirements of commercial lenders and to build business acumen of microenterprises,” he noted.

Mr. Shaw added that this year will see the implementation of a programme financed by the European Investment Bank that will make a local currency loan available to the DBJ to provide financing for micro-entrepreneurs.