The Government of Jamaica (GOJ) is offering Jamaicans yet another opportunity to own assets that it previously held. Yesterday, the Ministry of Finance and the Public Service and NCB Capital Markets held a ceremony at the Jamaica Pegasus to spread awareness of the GOJ’s latest divestment.<\/p>\n
In his remarks, Minister of Finance, The Hon. Dr. Nigel Clarke outlined the reasons for the divestment and provided information on the offer.<\/p>\n
The major reason given for the divestment was the transferring of assets from public to private hands as the government focuses more on services that cannot readily be provided by the private sector.<\/p>\n
The Minister alluded to other coming privitizations such as Jamaica Mortgage Bank and the divestment of the government’s stake in Jamaica Public Service (JPS). He also spoke to the updating of pension investment regulations in order to allow for institutional investors to participate in these offerings at the level they would like to.<\/p>\n
Dr. Clarke detailed some of the long term aims of the Government’s privitization thrust. The first being to focus on the provision of services that cannot be provided by the private sector. He referred to country’s renewable energy initiative which started some 20 years ago with Wigton. The move was seen as a risky one that private entities would not have undertaken.<\/p>\n
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