Kingston, Jamaica, February 27, 2009—
IFC, a member of the World Bank Group, is investing $20 million in Jamaica’s First Global Bank Ltd to help the bank expand services to small and medium enterprises, the largest generators of jobs locally, and serve the financing needs of the local business sector amid the global financial crisis.
IFC will provide a $10 million loan to First Global Bank and invest $10 million in preferred shares, marking IFC’s first financing to the bank. The investment is expected to enhance the bank’s ability to lend to Jamaican businesses, improving overall access to capital and longer-term financing.
“We value IFC’s partnership in addressing the critical need for working capital and project financing for Jamaican businesses,” said Wayne Wray, President of First Global Bank. “The additional capital will facilitate our expansion plans in Jamaica and throughout the region, as we seek to be even more responsive to customer needs.”
Kirk Ifill, IFC Representative for the English Caribbean, said, “IFC is committed to supporting sound financial players in the Caribbean like the First Global Bank to help them better serve their clients and mitigate the impact of the global financial crisis.”
IFC is expanding operations in the Caribbean, with a focus on helping develop the financial sector to generate sustainable growth and improve the region's competitiveness. The investment in First Global Bank demonstrates IFC’s commitment to building long-term partnerships with local financial institutions.
As of January 2009, IFC’s committed portfolio in the Caribbean region totaled $379 million. Since 2000, IFC has provided and mobilized more than $1.3 billion in financing for the Caribbean in such sectors as financial markets, infrastructure, information and communications technologies, manufacturing and services, health, and education.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org
.
