The Embassy of the United States in Jamaica has announced that the US International Development Finance Corporation (DFC) has committed a loan guaranty of US$9 million to Jamaica’s Sygnus Credit Investments Ltd (SCI) .

The loan guaranty will support the expansion of SCI’s debt financing of underserved small and medium-sized enterprises (SMEs), particularly women-owned and -managed businesses in Jamaica. It also forms part of the DFC’s US$12-billion commitment in fiscal year 2024 to address foreign policy and development priorities in several projects that boost development in emerging economies.

Over US$3.4 billion in transactions were approved and committed in the fourth quarter alone. The DFC’s investments are aimed at mobilising private capital to tackle some of the world’s greatest challenges in areas such as healthcare, infrastructure, energy, agri-business, and small business support.

Notably, increased financing to the agribusiness sector is critical at this juncture as it will support Jamaica’s recovery from Hurricane Beryl and enable smallholder farmers struggling with the storm’s after-effects to sustain and grow their businesses while helping to address a short-term shortage and enhance resiliency in Jamaica’s agricultural supply chain.

Ambassador N Nick Perry expressed his enthusiasm for the programme, stating, “We are thrilled to witness the positive impact that the DFC’s investments are having on communities around the world, including here in Jamaica. These initiatives embody the spirit of collaboration and mutual growth between the United States and Jamaica. It is a testament to our shared commitment to foster development and create opportunities for all.”

Perry met with members of the SCI team including President and Chief Executive Officer Berisford Grey, Executive Vice President & Chief Investment Officer Jason Morris, and Assistant Vice President — Investment Management Ryan Landey. The team expressed their vision for the partnership and sees it as an opportunity to provide sound financial solutions for small businesses in Jamaica.

Partnership with DFC will also strengthen Sygnus’ impact investing efforts. In January 2024, SCI became the first Jamaican member of the Global Impact Investing Network.

AVP Investment Management — Sygnus Capital, Ryan Landey shared: “Sygnus Credit Investments is excited to partner with the United States International Development Finance Corporation (DFC) to support the growth of SMEs in Jamaica. This initiative, along with its long-term benefits, will significantly enhance our capacity to provide vital financial resources to women entrepreneurs and contribute to the continued economic growth and expansion across the region.”

This DFC’s commitment follows the visit of its Chief Executive Officer Scott Nathan who, in December 2023, travelled to Kingston and met with top government officials and private sector representatives to explore how DFC can expand its work in the country and deepen the partnership between the United States and Jamaica. 

The US Embassy anticipates continuing its support of initiatives that promote economic development, cultural exchange, and educational opportunities in Jamaica.