US organization USAID signs partnership with the NCB to pave the way within the UAE region for a more diverse economy.
To stimulate growth within the Small and Medium-sized Enterprise (SME) sector, the United States Agency for International Development (USAID) and The National Commercial Bank Jamaica Limited (NCB) have entered into a US$25mn partnership.
The initiative will be known as the Development Credit Authority or “DCA” Loan Portfolio Guarantee Agreement.
The initiative will provide funding assistance to registered SMEs with no more than 250 employees and gross annual sales of no more than US$20mn, for energy saving and clean energy production projects. Funding will also be available for investments in machinery, equipment, facilities, business expansion and small-scale irrigation system projects.
“SMEs are engines of job creation and are essential to strengthening our economy. Therefore, NCB has recognized that it is our responsibility to ensure we help create the optimal environment for such a critical sector,” commented Brian Boothe, Senior General Manager of NCB’s Corporate, Commercial & Consumer Banking Division.
The initiative has a specific focus on renewable energy in Jamaica and the Caribbean to help build resilience and economic self-sustainability. John Barsa, Assistant Administrator, Latin America & the Caribbean Bureau, USAID, highlighted that the initiative has come at the perfect time as the country navigates the 2019 Atlantic Hurricane Season.
NCB and USAID are not alone in their ambition to stimulate SME growth in the region, GFA and MFTA have also been partnering to promote inter-regional growth. The UAE continues to pave the way when it comes to investing in a more diverse economy under its Ghadan 21 Accelerator Programme.
Did you know? Abu Dhabi National Oil Company (ADNOC) currently provides 90% of the government's revenue.
For more information on business topics in the United States, please take a look at the latest edition of Business Chief USA.