EXIM Bank, Jampro form export club
Jamaica’s export-import bank is lending support to the export initiative out of investment promotion agency Jampro, which helps entrepreneurs with market access.
The programme is now in its third cohort, with 48 small and medium companies participating. Export Max III aims to achieve at least 50 per cent average growth in export sales over three years for companies selected for the programme.
Export Max is aimed at opening up at least one new export market for participating companies, and the SMEs, in turn, are expected to grow jobs, among other targets.
EXIM Bank Jamaica’s support commits sponsorship valued at more than $5 million. The 48 SMEs are now part of an export club with access to assistance programmes for capacity building, technical expertise, pre- and post-shipment financing, reduced commitment fees, and up to a 1.5 percentage point reduction in interest rate on loans, said EXIM Managing Director Lisa Bell.
“The Export Club offers both existing and potential exporters a great opportunity, with access to fit-for-purpose and affordable financing, especially amidst COVID-19, coupled with the capacity building being provided through the Export Max III programme,” Bell said, at the signing of a memorandum of understanding with Jampro, penned by her and Jampro president Diane Edwards on Thursday.
Edwards said that of the Export Max current cohort, 30 have landed new contracts or orders since the programme’s launch last year and that the on-boarding of EXIM Bank should lead to more export gains for the club members.
“We’re pleased to have EXIM Bank on board. We now have that vital lifeblood of export finance being pumped into the programme. With that, we see the horizons as limitless. With EXIM Bank on board, we feel we have the pieces of the puzzle to go out and conquer the world through exports,” Edwards said.