IIC Approves Loan Of Up To US$6 Million To First Global Bank Limited In Jamaica

09/29/2008

With this operation, the IIC will help make more financing on better terms available to Jamaica’s SME sector

Washington, D.C. – On September 30, 2008, the Inter-American Investment Corporation (IIC) approved a loan of up to US$6 million to First Global Bank Limited, Jamaica’s only locally-owned commercial bank.

First Global Bank has a total of 169 employees distributed among its head office and four branch offices, providing a wide range of financial services that includes loans, investments, checking and savings accounts, time certificates, and credit cards. The bank is also implementing an education financial aid program in coordination with Jamaica’s major universities.

First Global Bank will use the proceeds of the IIC loan for medium- and long-term subloans to SMEs. It is estimated that at least thirty-six SMEs will benefit from this operation. This funding is expected to make it easier for First Global Bank to compete with local and international banks.

The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2007, the IIC reached US$1.2 billion in assets and approved 62 transactions channeling US$470 million to SMEs in the region. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. For more information on the IIC’s activities, please visit www.iic.int.



Contact: Rodrigo Navas (in Washington D.C.)

Telephone: (202) 623-3926

Email: rodrigon@iadb.org