EXIM Bank commits more than $5 million


EXIM Bank commits more than $5 million

Wednesday, August 05, 2020

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The National Export-Import Bank of Jamaica (EXIM Bank) has officially committed sponsorship valued at more than $5 million to the Jamaica Promotions Corporation's (Jampro) export development programme, Export Max III.

EXIM commemorated its sponsorship with the signing of a memorandum of understanding (MOU) on Thursday last (August 30) at its headquarters in Kingston.

EXIM has created a club for exporters in Export Max III to access special services, fixed interest rates, reduced fees, market information, and other benefits that will ease the barriers to exporting for participating companies. Participants in the initiative will receive pre- and post-shipment financing, reduced fees for capacity-building initiatives, trade credit financing, and more.

“As the National Export-Import Bank of Jamaica we are 100 per cent committed to the export sector. We are happy to partner with the Export Max programme with our Export Club. We believe 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,” stated Lisa Bell, managing director of EXIM Bank.

The award-winning Export Max programme was launched in 2011 in partnership with the Jamaica Manufacturers and Exporters' Association and the Jamaica Business Development Corporation, to assist Jamaican exporters and export-ready companies with capacity-building and market penetration support. The programme, which has almost 50 participant, aims to build the capacities of the participating companies to help them take advantage of market opportunities and increase export sales.

It also intends to achieve at least 50 per cent average growth in export sales over three years for the participating companies, 100 per cent of exporting companies accessing one new export market, an increase in jobs created by the enterprises, amongst other targets.

Already, a total of 30 exporters have new contracts or orders since Export Max III's launch, and their achievements continue as they seek new opportunities during the COVID-19 pandemic.

According to Jampro President Diane Edwards export development is a critical part of economic growth, and it was important for organisations like EXIM — which have significant experience in export facilitation, to be a part of the initiative.

“Jamaica's [small and medium-sized enterpises's] are essential to our economy — they provide jobs, innovative products and services, and are also critical to diversifying our export offerings. The Export Max III partners are therefore happy that EXIM will be a part of this journey to provide export development support for Export Max companies, and we are optimistic that this assistance will translate to real growth in our exports, and the overall development of business in Jamaica,” Edwards emphasised.

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