Over 100 MSMEs to benefit from formalising project — Minister ShawThursday, May 13, 2021
KINGSTON, Jamaica — Minister of Industry, Investment and Commerce, Audley Shaw says more than 100 informal operators in the micro, small and medium-sized enterprise (MSME) sector will benefit from support to transition to formal status.
The minister was making his 2021/22 Sectoral Debate presentation in the House of Representatives on Tuesday, May 11.
He said the International Labour Organization (ILO) has provided a US$70,000 grant to undertake the formalising project, which will be implemented through the Jamaica Business Development Corporation (JBDC).
Noting that an estimate of 43 per cent of the Jamaican economy operates informally, Shaw said that informality limits the ability of businesses to access loans, expand their operations and export products and services.
The industry minister also announced that more than 400 loans valued at approximately $4.5 billion and granted through the National Export-Import Bank of Jamaica (EXIM Bank), were disbursed to over 100 MSMEs during the last financial year.
“Furthermore, over 60 of EXIM's clients were provided with the opportunity to save businesses through loan restructurings and payment holidays to the tune of $973 million,” Shaw said.
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