EX-IM Bank to Launch New Loan Programme for ICT Sector

The Export-Import (Ex-Im) Bank will launch a new loan programme on Friday, March 5, specifically targetting the Information, Communication and Technology (ICT) sector.

Managing Director of the Ex-Im Bank, Pamella McLean, told JIS News that the bank would be making available to the sector, a total fund pool of $80 million, of which $20 million would be directed as working capital to start-up entrepreneurs, through an ICT Young Entrepreneur Scheme, dubbed ‘ICT-YES’.

Mrs. McLean explained that the scheme would be operated in collaboration with the Technology Innovation Centre of the University of Technology (UTech). However, applicants outside of the immediate purview of the Centre would also be eligible to apply.

The remaining $60 million of the loan is targetted at those entities which are involved in software development, training and telecommunications.The launch of this new loan programme is scheduled to take place at the Ministry of Finance and Planning, 30 National Heroes Circle, Kingston 4, beginning at 9:30 a.m.

Minister of Finance and Planning, Dr. Omar Davies will launch the programme, while Minister of Commerce, Science and Technology, Phillip Paulwell will bring a message.

Also expected to attend are Dr. Rae Davis, President of UTech; Beverley Lopez, President of the Private Sector Organisation of Jamaica (PSOJ); Doreen Frankson, President of the Jamaica Manufacturers’ Association (JMA); and Leighton Hamilton, President of Jamaica Software Developers Association.

Mrs. McLean told JIS News that this new loan scheme was a welcomed addition to the raft of loan schemes already made available by the bank to other sectors of the economy, and added that the ICT Sector has long been recognised as one having very good growth potential.