Baker McKenzie advised the borrower JMMB Bank (Jamaica) Limited, a Jamaican commercial bank, and guarantor JMMB Group Limited, its holding company and one of the leading financial groups in the Caribbean, on an up to USD 50 Million Environmental, Social and Governance (ESG) Senior A/B Loan Facility financed by the Inter-American Investment Corporation (IDB Invest).
JMMB Bank will use the proceeds of the loans under the facility to finance the growth of its Small and Medium Enterprise (SME) and low- and medium-income housing portfolios in Jamaica. In addition, IDB Invest will support JMMB Bank's women-led SMEs through a technical assistance component and all proceeds from the loan facility will be used in compliance with IDB Invest's Environmental and Social Sustainability Policy as well the International Finance Corporation's environmental and social policies and guidelines. Overall, the financing is targeted at improving five United Nations Sustainable Development Goals (SDGs): Gender Equality (SDG 5), Decent Work and Economic Growth (SDG 8), Industry, Innovation and Infrastructure (SDG 9), Reduced Inequalities (SDG 10) and Responsible Consumption and Production (SDG 12).
JMMB Bank and JMMB Group Limited are represented by partners Charles Cummings and John L. Murphy.
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