The International Development Finance Corporation (DFC) of the United States has committed a $9 million loan guarantee to Sygnus Credit Investments Ltd (SCI) of Jamaica, which will serve to expand its debt financing of underserved small and medium-sized enterprises. with a particular focus on women-owned and managed businesses on the island.
According to the US Embassy in Kingston, this $9 million guarantee is part of DFC’s $12 billion commitment in fiscal year 2024 to address foreign policy and development priorities across a broad range of projects that are driving development in emerging economies. This includes more than $3.4 billion in approved and committed transactions in the fourth quarter alone. DFC investments aim to mobilize private capital to address some of the world’s biggest challenges, with a focus on health, infrastructure, energy, agribusiness and small business support. In particular, increasing funding to the agribusiness sector is critical at this juncture as it will support Jamaica’s recovery from Hurricane Beryl and enable small farmers struggling with the aftermath of the storm to sustain and grow their businesses, ultimately helping to address short-term shortages and improve resilience in Jamaica’s agricultural supply chain.
The United States Ambassador to Jamaica, N. Nick Perry, expressed his enthusiasm for the program, saying: “We are delighted to witness the positive impact that DFC 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 fostering development and creating opportunities for all.”
Perry met with members of the Sygnus team, including President and CEO Berisford Gray, Executive Vice President and Chief Investment Officer Jason Morris, and Associate Vice President of Investment Management Ryan Landey. The team expressed their vision for the partnership, saying they see it as an opportunity to provide sound financial solutions for small businesses in Jamaica. The partnership with DFC is also expected to strengthen Sygnus’ impact investing efforts. In January 2024, SCI became the first Jamaican member of the Global Impact Investing Network.
Ryan Landey, AVP Investment Management, Sygnus Capital, shared: “Sygnus Credit Investments is pleased to partner with the United States International Development Finance Corporation (DFC) to support SME growth in Jamaica. “This initiative, along with its long-term benefits, will significantly enhance our ability to provide vital financial resources to women entrepreneurs and contribute to continued economic growth and expansion across the region.”
This commitment by DFC follows the visit of its CEO, Scott Nathan, who in December 2023 traveled to Kingston, where he met with senior 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 said it looked forward to continuing to support initiatives that promote economic development, cultural exchange and educational opportunities in Jamaica.