VIII.  TRADE AND PROJECT FINANCING

The Banking System
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The banking system in Jamaica is well-developed and
capable of delivering a range of services.  The
industry presently consists of 11 commercial banks,
20 merchant banks, 4 merchant and trust companies,
one trust company, 5 finance companies, 7 building
societies, 3 development banks, and 9 life insurance
companies.  Collectively, the financial sector
accounts for nearly 11 percent of GDP.  The private
sector also has acess to credit from the National
Export/Import (Ex-Im) Bank, a subsidiary of the Bank
of Jamaica.  Foreign investors can utilize the loan
facilities of banks for investments in Jamaica on the
same basis and terms as a Jamaican investor.

Project Financing
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There are three development banks in Jamaica:

--  the Agricultural Credit Bank of Jamaica (ACB) and
the People's Co-Operative Bank (PCB), which assist
the agricultural sector.

--  the National Development Bank (NDB) which works
particularly with industries earning hard currency,
such as the tourism sector.

--  Trafalgar Development Bank, Jamaica's first
private sector development bank.  TDB offers medium-
to long-term loans, lease financing and project
development and technical services in the areas of
agriculture, manufacturing, tourism and related
industries.

Another source of financing for companies investing
in Jamaica is the Government Development Bank of
Puerto Rico or Puerto Rican commerial and investment
banks under the Section 936 program.  Insurance and
financing are available from the Overseas Private
Investment Corporation (OPIC), the Export-Import Bank
of the United States (EX-IM), and the US Trade and
Development Agency (TDA).  Contact information for
these programs are provided in Appendix C.

Multilateral organizations working in Jamaica with
potential funding for development projects include
the World Bank, the International Monetary Fund, the
Organization of American States via the InterAmerican
Development Bank, and the United Nations Development
Program.

Residents and nonresidents of Jamaica can access
foreign exchange through a network of authorized
dealers.  There are no foreign exchange controls.

Banks with Correspondent U.S. Banking Arrangement
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Jamaican banks with branches in the U.S. are:

Citibank (U.S. parent)
Citizens Commercial Bank
Eagle Commercial Bank
Victoria Mutual Building Society
Jamaica National Bank

All Jamaican commercial banks have correspondent U.S.
banking arrangements.