Minister of Industry, Investment and Commerce, Audley Shaw, today announced that a total of $600 million has been earmarked to provide affordable financing for micro, small and medium enterprises, MSMEs.
Minister Shaw made the announcement during his contribution to the 2021/2022 Sectoral Debate in the House of Representatives.
The Minister says this is due to the significant impact of the COVID-19 pandemic on the finances of the MSME sector.
He says the funds will be transferred to the Export-Import, EXIM, Bank.
Minister Shaw lauded Prime Minister Andrew Holness and Finance Minister Dr. Nigel Clarke for the $5 billion allocation to the business sector under the Social and Economic Recovery and Vaccine, SERVE, Programme.
Seventy-four procurement opportunities, according to Mr. Shaw, have been implemented under the pilot project of the Set Aside Regime for MSMEs.
Meanwhile, Minister Shaw says the Jamaica Business Development Corporation, JBDC, has reported that a number of its clients had to close temporarily as they continued to see a reduction in sales due to the pandemic.
As a result, Minister Shaw says $1 billion from the allocation by the Ministry of Finance and Public Service will be dedicated to a digital platform in an effort to help both e-commerce and business development services.
Audley Shaw, Investment, Industry and Commerce Minister.