FGB Partners With USAID to Provide Loan Facility for the Installation of Climate Smart Technologies

Water, Land, Environment and Climate Change, Permanent Secretary, Dr. Alwyn Hales, has endorsed the partnership between the United States Agency for International Development (USAID) and First Global Bank (FGB) in offering loans to businesses and individuals for the installation of climate-smart technologies.

“I think this initiative is going to make a big difference. It will provide a sustainable way for businesses to adapt to climate change and to implement critical mitigating changes that will not only improve their business, but will also create a climate resilient business environment,” he said.

Dr. Hales was addressing stakeholders at the official signing ceremony for the loan portfolio guarantee between USAID/Jamaica and First Global Bank at the Bank’s offices in New Kingston on September 11.

The Permanent Secretary also commended the bank for joining in the climate change mitigation initiatives.

The loan will enable cooperatives, individuals and community organisations to borrow between $US 5,000 and $US100,000 for solar panels, solar water pumps, water catchments pools, tanks, hurricane straps and other necessary items.

Small and medium-sized enterprises will be able to borrow loans from as low as $US 100,000 to US$875,000. They may acquire the loan in order to safeguard operations during natural disasters and other hazards.

The loans, which are also available in Jamaican dollars at a low interest rate, will allow borrowers up to 10 years to repay.

Chief Executive Officer of FGB Mr. Courtney Campbell said the offering, was particularly encouraging because it would be of tremendous benefit to the country.

He pointed out that it was exciting times for FGB, as its loan portfolio grew by 17 per cent over the previous year. Small and medium-sized enterprises loans have accounted for this in large part.

For her part, Mission Director of USAID, Miss Denise A. Herbol stated that she looked forward to this collaborative effort and to the successful partnership with First Global Bank.