The creation of a new funding facility aimed at providing capital for small and medium sized entities (SMEs) has been commended by Industry and Commerce Minister Audley Shaw.
The funding facility was developed by National Commercial Bank and the United States Agency for International Development.
Mr. Shaw said the new facility is another step in the right direction of placing low interest funding in the hands of MSMEs as they are a significant driver of economic growth.
He was speaking Thursday at the signing ceremony for the Development Credit Authority Loan Portfolio Guarantee Agreement.
The agreement, valued at US$25 million or J$3.4 billion, will be available to SMEs in a number of regional countries including, Jamaica.