The National Export-Import Bank of Jamaica (EXIM Bank) has officially committed sponsorship valued at more than J$5M to the JAMPRO, JBDC, and JMEA export development programme, Export Max III. EXIM made their sponsorship official on Thursday, July 30, 2020 at their offices in Kingston, after signing a Memorandum of Understanding (MOU) confirming their support.
EXIM has created a club for exporters in Export Max III to access special services, fixed interest rates, reduced fees, market information, and other benefits that will ease the barriers to exporting for participating companies. Participants in the initiative will receive pre and post-shipment financing, reduced fees for capacity-building initiatives, trade credit financing, and more.
The award-winning Export Max programme was launched in 2011 to assist Jamaican exporters and export-ready companies with capacity building and market penetration support. The programme aims to build the capacities of the participating companies to help them take advantage of market opportunities and increase export sales.
Export Max III aims to achieve at least 50% average growth in export sales over 3 years for the participating companies, 100% of exporting companies accessing one new export market, an increase in jobs created by the enterprises, amongst other targets. Already, a total of 30 exporters have new contracts or orders since Export Max III’s launch, and their achievements continue as they seek new opportunities during the COVID-19 pandemic. Export Max III currently has almost 50 participants.
Export development key to Jamaica’s economic growth
JAMPRO President, Diane Edwards, said that she was pleased that the EXIM bank has signed on to help Export Max companies achieve these goals. She explained that export development is a critical part of economic growth, and it was important for organisations like EXIM, (which have significant experience in export facilitation ) to be a part of the initiative.
Ms Edwards said, “Jamaica’s SME’s are essential to our economy; they provide jobs, innovative products and services, and are also critical to diversifying our export offerings. The Export Max III partners are therefore happy that EXIM will be a part of this journey to provide export development support for Export Max companies, and we are optimistic that this assistance will translate to real growth in our exports, and the overall development of business in Jamaica.”
Lisa Bell, supported Ms. Edwards and purported, “As the National Export-Import Bank of Jamaica we are 100% committed to the export sector. We are happy to partner with the Export Max program with our Export Club. We believe the Export Club offers both existing and potential exporters a great opportunity with access to fit-for-purpose and affordable financing, especially amidst COVID-19, coupled with the capacity building being provided through the Export Max III program.”