IFC Invests in Jamaica Bank

The IFC is investing $20m in Jamaica’s First Global Bank. The investment is split into a $10m 7-year loan and $10m equity. The loan has a grace period of up to 2 years. The IFC declines to state terms. The equity portion will be invested in the bank’s preferred shares. Funding is expected to enhance First Global’s ability to lend to Jamaican businesses, improving overall access to capital and longer-term financing, the IFC says.