Industry, Investment and Commerce Minister, Hon. Audley Shaw, delivering his 2021/22 Sectoral Debate presentation in the House of Representatives on Tuesday (May 11), under the theme: ‘Overcoming Challenges: Recovering Stronger and Faster’. At left is State Minister in the Ministry of Industry, Investment and Commerce, Dr. the Hon. Norman Dunn.
The EXIM Bank plans to on-lend approximately $5.5 billion to the productive sector during the financial year.
Industry, Investment and Commerce Minister, Hon. Audley Shaw, made the disclosure during his 2021/22 Sectoral Debate presentation in the House of Representatives on Tuesday (May 11), under the theme ‘Overcoming Challenges: Recovering Stronger and Faster’.
In addition, he said that the Ministry has earmarked $600 million to provide affordable financing for micro, small, and medium-sized enterprises (MSMEs), which will be channeled through the EXIM Bank.
Mr. Shaw advised that just over $200 million of the provision will be immediately transferred as a result of the closure of the Micro Investment Development Agency (MIDA), with a further $400 million to be made available later this year.
Mr. Shaw said funding support was being extended to MSMEs in light of the fact that “with all its potential, regrettably, this sector has traditionally been affected by access to finance”.
“It is worth reiterating that the MSME sector is indispensable to achieving broad-based and inclusive growth,” he said, noting these operations represent 90 per cent of the private sector and are involved in all productive areas of the economy.
Mr. Shaw also acknowledged and expressed gratitude to Prime Minister, the Most. Hon. Andrew Holness, and Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, for facilitating a $5-billion allocation from the Government’s $60 billion Social and Economic Recovery and Vaccine (SERVE) Programme to the business sector, which, he said, will be administered by the Development Bank of Jamaica (DBJ).
Welcome to the official website of the Ministry of Industry, Investment and Commerce.
The Ministry of Industry, Investment and Commerce is described as Jamaica's "Business Ministry." It's mandate is to lead the development of policies that will create growth and jobs, while achieving social inclusion and consumer protection. The Ministry, working its stakeholders is primarily responsible for business policy development, monitoring and evaluation, while giving direction and oversight to a cluster of implementing departments and agencies.
We have, therefore, placed much energy and enthusiasm into the development of this website to provide timely information on the Ministry, our agencies and programmes.