The EX-IM Bank will be disbursing at least $8.1 billion in loans to micro, small and medium-sized enterprises (MSMEs) this fiscal year.
This is an increase over the $6 billion in financing to the MSME sector for 2019/2020.
Minister of Industry Commerce, Agriculture and Fisheries, Hon. Audley Shaw, said that the increased support “is particularly within the context of the challenges being faced by MSMEs because of the COVID-19 pandemic”.
He was making his contribution to the 2020/21 Sectoral Debate in the House of Representatives on June 16.
Minister Shaw said that the EX-IM Bank’s programmes will seek to incorporate new and innovative approaches, including the increased use of trade credit insurance, receivables financing, digitisation and e-commerce, and trade credit guarantees.
In addition, the Bank will continue to work closely with its public- and private-sector counterparts to support the provision of business advisory services geared at allowing MSMEs to pivot to increased exports as well as navigate through the crisis to recovery.
“I also wish to mention the National Craft Policy, approved by Cabinet as a White Paper and tabled in Parliament in November 2019, which is also intended to be an effective tool to foster growth and development in the small business sector,” Mr. Shaw said.