IDB Invest has entered an agreement with JMMB Bank which will allow it to access $35 million USD over five years to facilitate increased financing to small and medium-sized enterprises (SMEs).
Access to financing for SMEs remains a challenge in Jamaica, despite this sector generating 80% of jobs.
Adding to the IDB Invest's loan, a further 35 million US dollars will be mobilized from international banks.
The project will increase the availability of long-term financing to JMMB Bank to support the growth of its SME lending.
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