Kingston, October 1 st 2019— IFC, a member of the World Bank Group, is partnering with the Ministry of Industry, Commerce, Agriculture & Fisheries (“MICAF”), the Bank of Jamaica National Financial Inclusion Strategy, and the Companies Office of Jamaica to host a two-day workshop on Movable Asset Based Finance, with the support from the Government of Canada. This workshop convenes international and national experts to exchange knowledge on secured transactions systems, movable asset-based lending products and the economic benefits that commonly result from these reforms with representatives from key public actors as well as entities in the private sector.
IFC works with governments across the globe to help develop secured transactions frameworks to enable increased access to finance to small and medium-sized enterprises (“SMEs”) using movable assets as collateral. These frameworks allow borrowers to obtain loans by using as collateral resources such as their inventory, machinery or crops and help create new alternatives for SMEs to obtain the financial resources they need for their operations.
“Our responsibility as a government, is to be able to provide platforms that can transform those business ideas into businesses that can move communities and families forward”, announced the Honourable Floyd Green, Minister of State, Ministry of Industry, Commerce, Agriculture and Fisheries “Furthering our support of the Companies Office of Jamaica, we want to help businesses find financing, backing it with what they do have: movable collaterals”.
“The objective is for the Jamaican financial sector to be able to offer credit to SMEs that cannot provide real estate collateral, unleashing new opportunities for thousands of small entrepreneurs, and supporting financial inclusion”, said Judith Green, IFC’s Head English Speaking Caribbean and Principal Investment Officer.
This two-day workshop also provides a unique opportunity to exchange experiences among experts and the financial sector to understand how the secured transactions system in Jamaica – National Security Interest in Personal Property Registry and its legal framework - allows borrowers to pledge moveable assets as collateral between creditors and borrowers. The event will enable participants to benefit from cross-regional experiences from countries in Asia and Africa, as well as the introduction of innovative electronic platforms or Blockchain tools, that will help unlock the way for widening the menu of financing options that can be offered to MSMEs, and further economic growth.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities where they are needed most. In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org .
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