EXIM Bank Disburses Loans Valued at $1.89 Billion To SMTE Sector

• The National Export-Import (EXIM) Bank has approved and disbursed loans valued at some $1.89 billion to 293 beneficiaries in the small and medium-sized tourism enterprise (SMTE) sector.
• Minister of Tourism, Hon. Edmund Bartlett, made the disclosure while opening the 2023/24 Sectoral Debate in the House of Representatives on Tuesday (April 18). The loans, arranged by the Tourism Enhancement Fund (TEF), are facilitated by the EXIM Bank so that business operators in the sector and Linkages Network have adequate access to financing of up to $25 million.
• “Small hoteliers, the person with a little Airbnb, can come and borrow at the lowest interest rate at the time of 4.5 per cent over five years. They can go and refurbish their places so that they can be asserted properly in the value chain of tourism,” Mr. Bartlett said.
• Meanwhile, the Minister said 437 beneficiaries, to date, have received financing valued at some $983 million, through the Jamaica National Small Business Loans Limited.
• Medium, small, and micro enterprises (MSMEs) are essential to the Jamaican economy, making up over 97% of the island’s taxpaying businesses. The sector is responsible for the majority of employment in Jamaica and drives economic growth and development. As such, the Government of Jamaica (GOJ) continuously seeks to strengthen the sector through programmes that support these businesses. Furthermore, this points to the government’s strategy to intensify its efforts to strengthen the tourism industry, as a chief driver of economic growth.

(Source: JIS News)