Gov't signs $2.56b loan agreement with IDB for MSMEs

The government has signed an agreement with the Inter-American Development Bank (IDB) which is providing a $2.56 billion loan for lending to entrepreneurs of micro-, small- and medium-sized businesses.

Finance Minister Audley Shaw says the loan is part of the government's commitment to increase funding to the Micro, Small and Medium-sized Enterprises (MSMEs).

Shaw says boosting the MSME sector is critical to getting to five per cent Gross Domestic Product (GDP) within four years.

The loan will be available through the Development Bank of Jamaica for MSMEs involved in agriculture, agri-business, business services, and construction.

Persons involved in energy, manufacturing, retail, tourism, trade and distribution can also access the loan facility.