IIC Continues Its Financial Support For Jamaican SMEs

10/22/2008

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

Kingston, Jamaica – On October 22, 2008, the Inter-American Investment Corporation (IIC) and First Global Bank Limited signed a loan agreement for up to US$6 million. First Global Bank will use the proceeds of the loan for medium- and long-term subloans to SMEs. The loan will make it easier for First Global Bank to compete with local and international banks.

First Global Bank is Jamaica’s only locally-owned commercial bank. It has 169 employees in its head office and four branch offices. It provides a wide range of financial services, including loans, investments, checking and savings accounts, term certificates, and credit cards. First Global Bank is also implementing an education financial aid program in coordination with Jamaica’s major universities.

Financial Institutions and Structured Finance Coordinator Carlos Roa signed for the IIC. According to Mr. Roa, "This loan is in line with the IIC’s strategy to expand its operations in the Caribbean, especially those with medium-size financial institutions that support SMEs." Signing for First Global Bank was President Wayne Wray.

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: Carlos Roa/Rodrigo Navas (in Washington D.C.)

Telephone: (202) 623-3955/(202) 623-3926

Email: carlosroa@iadb.org