IDB Invest, a member of the US-based Inter-American Development Bank (IDB) Group, recently formed a partnership with Jamaica Money Market Brokers (JMMB) Bank whereby JMMB Bank will receive from IDB Invest: (1) support “on the development and implementation of an environmental and social management system;” (2) capacity building services related to human resources; (3) a five-year loan of USD 35 million earmarked for on-lending to small and medium-sized enterprises (SMEs); and (4) the arrangement of an additional lending package of USD 35 million funded by third-party banks. The funding will increase “the maturity and structure of [JMMB Bank’s] debt profile. It will also enhance the diversification of its funding sources, thus decreasing the dependence [on] shorter-term deposits.”
JMMB Bank was founded in 1992 and generated profits of JMD 1.1 billion (USD 7.5 million) on assets of JMD 84 billion (USD 573 million) during the year ending March 2020. The bank is a member of JMMB Group, which provides insurance brokering, investments and remittances to 352,000 clients in the Dominican Republic, Jamaica, and Trinidad and Tobago.
IDB Invest is the trade name of the Inter-American Investment Corporation. The organization focuses on promoting economic development in Latin America and the Caribbean through projects in agriculture, financial inclusion, sustainable energy and transportation. It is owned by 47 member countries. As of June 2020, IDB Invest had USD 13 billion in assets under management, deployed via 385 clients in 25 countries.
Established in 1958, IDB Group is focused on promoting “environmentally friendly” economic development via improved health, education and infrastructure in Latin America and the Caribbean. During 2019, IDB Group reports having issued USD 13 billion in loans and grants, resulting in year-end assets of USD 136 billion.
By Harriet Ritchie, Research Associate
Sources and Additional Resources
JMMB Bank Limited press release
https://jm.jmmb.com/idb-invest-and-jmmb-bank-promote-access-financing-smes-jamaica
IDB Invest press release
https://www.idbinvest.org/en/news-media/idb-invest-and-jmmb-bank-promote-access-financing-small-and-medium-sized-enterprises
IDB Invest homepage
https://idbinvest.org/
IDB Group homepage
https://www.iadb.org/
JMMB Bank Limited homepage
https://jm.jmmb.com/
JMMB Bank Limited financial statements
https://jm.jmmb.com/financial-statements#Bank
JMMB Group financial statements
https://jm.jmmb.com/financial-statements
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