IDB Invest, a member of the IDB Group, through a recent agreement with JMMB Bank has provided the bank access to US$35 million with a five-year tenure to facilitate increased financing to small and medium-size enterprises (SMEs).
The project will also increase the availability of long-term financing to JMMB Bank to support the growth of its SME lending service, while contributing to the maturity and structure of its debt profile. This will in turn provide a diversification of funding sources, thereby decreasing the dependence of shorter-term deposits, to the benefit of SMEs.
Jerome Smalling, CEO and executive director of JMMB Bank, said the partnership underscored the bank’s commitment to assist SMEs to scale and grow their businesses through the provision of holistic solutions to support them throughout their business life cycles.
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