The Inter-American Development Bank, IDB, has given Jamaica USD$100-million towards reforming the financial sector to increase access to financing for firms and individuals.
The loan was handed over today by the IDB’s country representative in Jamaica, Therese Turner-Jones. State Minister of Finance, Fayval Williams, received the loan on behalf of Jamaica. The loan was granted under the Financial System Reform Support Programme.
Mrs. Turner Jones says the loan is also intended to assist Jamaica in developing a framework to govern the micro-finance industry.
She says the loan will also help to strengthen the financial system against current risks which may lead to its collapse.
Turner Jones says the loan will make it easier for non-traditional borrowers to access credit.
Meanwhile, State Minister Williams says Jamaica could experience sustained robust economic growth if small-businesses and individuals have better access to credit.
She says Jamaica has one of the lowest credit-to-GDP ratio in the region.