International Finance Corporation : Consideration of Equity stake in First Global Bank Ltd

GraceKennedy Limited has advised that First Global Bank (FGB), a subsidiary of the company, is in discussions with International Finance Corporation (IFC) for a potential investment to be considered by IFC`s board in 30 days . This investment would involve loan and equity financing of US$20 million, US$10 million in equity, with the remaining US$10 million representing debt which will be earmarked by FGB for onward lending to small and medium enterprises. This investment is subject to approval of the Bank of Jamaica as well as IFC`s Board of Directors.