PROJECT

Projects

Summary of Investment Information

Project Number

44354

Company Name

SAGICOR BANK JAMAICA LIMITED

Date SPI Disclosed

Feb 26, 2021

Country

Jamaica

Region

Latin America and the Caribbean

Projected Board Date

Mar 31, 2021

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Jun 23, 2023

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : Apr 26, 2021
Signed : Jun 4, 2021
Invested : Jun 17, 2021

Sector

Commercial Banking - General

Project Description

 The proposed project is a one-year senior unsecured loan renewable annually once at IFC's discretion, for a maximum aggregate period of up to 2 years under the Working Capital Solutions (WCS) product, for up to US$40 million to Sagicor Bank Jamaica Limited (“Sagicor Bank” or the “Bank”) in Jamaica. The purpose of the proposed IFC investment is to support the Bank’s working capital and trade-related lending to Jamaican enterprises, including small and medium enterprises as a result of the COVID-19 pandemic.                                                  

Associated Advisory Engagement

 This project complements the IFC Advisory Services carried out from 2015 to 2018 in the establishment and structuring of Sagicor Bank’ SME business line.                                                  

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation