Background

The Jamaica Mortgage Bank (JMB) was established in 1971, as a private limited company under the Companies Act of 1965 and subsequently converted to a Statutory Corporation under Act of Parliament No. 16 dated June 5, 1973. The JMB was conceptualized with the mandate to finance safe and affordable housing solutions to Jamaicans, to be achieved through the mobilization of financial resources for on-lending to private and public sector developers and financial institutions. This would, therefore, result in the development of an active secondary mortgage market, providing mortgage indemnity insurance in support of the Bank’s Mission.

Project Description

The Government of Jamaica intends to privatise the Jamaica Mortgage Bank via the Jamaica Stock Exchange.

Status

The recommended Transaction Structure Report completed. Draft Cabinet Submission regarding the JMB privatisation transaction submitted to the Ministry Housing, Urban Renewal, Environment and Climate Change (MHURECC) for consultation and finalization to Cabinet for approval.  Cabinet Submission expected to be finalised and submitted to Cabinet by the end of July 2021.

Jamaica Mortgage Bank