Unclaimed funds in banks will help MSMEs, Shaw insists

Tuesday, September 25, 2018

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KINGSTON, Jamaica — Minister of Industry, Commerce, Agriculture and Fisheries, Audley Shaw has reiterated that a committee is looking at reducing, from 15 to seven years, the time in which unclaimed funds at financial institutions are turned over to the Government, in keeping with international standards.

He noted that when this is done, some $15 billion will be released, and loans can be made to the MSME sector at three to five per cent interest.

Shaw was addressing the Micro, Small and Medium-Sized Enterprise (MSME) National Policy Implementation Committee (NPIC) quarterly meeting, held at The Knutsford Court Hotel in New Kingston.

According to Shaw the formation of the NPIC, which consists of stakeholders in the public and private sectors, is a “testimony” of the Government's commitment to the development of the MSME sector, and augurs well for sustainable and inclusive national development.

“The more we facilitate and strengthen opportunities for our entrepreneurs to do business, the greater will be the country's capacity to expand economic growth, and create employment,” the minister said.

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