IFC, a member of the World Bank Group, is helping Sagicor Bank Jamaica Limited strengthen its banking practices to provide better financial services and increase access to credit for small and mid-sized local businesses with support from the Department of Foreign Affairs, Trade and Development of Canada.
Jamaica has approximately 200,000 formal micro, small, and medium enterprises, of which 40 percent are owned by women. However, an estimated 65 percent of this sector is under or un-served by financial institutions, which constrains entrepreneurs’ ability to grow, create jobs and contribute to the overall Jamaican economy. IFC is helping Sagicor Bank address barriers to lending for these entrepreneurs, reduce the credit gap, and support job creation and economic growth.