Jamaica EX-IM Bank targets SMES involved in non-traditional exports

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By Douglas McIntosh

KINGSTON, Jamaica, (JIS) – The National Export-Import Bank of Jamaica Limited (Ex-Im Bank) will, this year, be placing special focus on providing support to small and medium-sized enterprises (SMEs) involved in non-traditional exports.

These include tourism and its linkages, manufacturing, agro-processing, mining, the service industry, information and communications technology (ICT), and the creative industries.

Details of the programmed engagements are outlined in the Jamaica public bodies estimates of revenue and expenditure for the year ending March 2023.

The document said that the bank will also be undertaking steps over the period to grow and diversify its customer base, by executing market penetration strategies to reach clients in existing and underserved industries and sectors.

The bank will, additionally, provide more relief support to SMEs via debt refinancing.

The public bodies estimates of revenue and expenditure said, further, that the entity plans to spur improved export performance from new and existing clients through the Exim Export Club.

This is a joint initiative with the Jamaica Promotions Corporation (JAMPRO) to provide clients of the Export Max III Programme with special club access to services from the bank.

Ex-Im Bank is also looking to employ various initiatives to boost sales and revenue streams. These include enhancing marketing and brand-building programmes to grow and diversify the loan portfolio.

Other programmed engagements include improving service delivery and efficiency through expanded use of technology, which is expected to result in the design of more effective financial solutions and lower interest rates.

The bank will seek to maintain sound governance and accountability within a risk management and compliance framework, as well as an environment conducive to staff motivation and development.

Ex-Im Bank was incorporated as a limited liability company in February 1986 and commenced operations three months later.

It provides short-term financing to the non-traditional export sector to cover pre-shipment costs and post-shipment receivables and assists other productive enterprises in the area of import substitution. Its overall activities are aimed at supporting sustainable economic growth and development in Jamaica.

Ex-Im Bank is an agency of the ministry of industry, investment and commerce.

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