DBJ Has Facilitated US$1.1 Billion in Investments Under Public-Private Partnership
The Development Bank of Jamaica (DBJ) has successfully completed 25 transactions under the Government’s Public-private Partnership (PPP) and Privatisation Programme since 2009, facilitating approximately US$1.1 billion in investments.
DBJ Managing Director, Milverton Reynolds, said the amount includes US$303 million in sales and US$808 million in private-sector capital investments.
He was speaking during a regional market sounding forum at the DBJ’s Private Equity and Infrastructure Development Conference at The Jamaica Pegasus hotel, New Kingston, on Wednesday (June 12).
Notable among the portfolio of PPPs, Mr. Reynolds said, are privatisation of the Norman Manley International Airport (NMIA), Kingston Container Terminal (KCT), and Wigton Wind Farm Limited, the latter of which, he noted, was “massively” oversubscribed.
More than 31,000 persons responded to the initial public offering (IPO) of Wigton shares through the Jamaica Stock Exchange (JSE), which raised the targeted $5.5 billion.
This represented the largest IPO in the JSE’s history, the Managing Director further pointed out.
Meanwhile, Mr. Reynolds advised that the DBJ is working on several additional PPP projects.
These include the National Education Trust Schools Solar Project; the Rio Cobre Water Treatment Plant Project; the National Water Commission’s Northern Parishes Non-Revenue Water Project; the Ministry of Health and Wellness’ Centres of Excellence in Oncology and Nephrology Project; the Jamaica Mortgage Bank’s privatisation; and divestment of the Government’s shares in the Jamaica Public Service Company (JPS).
Mr. Reynolds said the PPP programme, for which the DBJ is the chief implementing agency, is central to the Administration’s growth agenda.
He noted that the objective is to engage the private sector in the delivery of infrastructure and services that are critical to Jamaica’s economic development.
Mr. Reynolds encouraged stakeholders attending the forum to familiarise themselves with the additional projects being pursued, which are detailed in an investment opportunity booklet provided at the event.
The market sounding session was arranged to highlight several of these engagements being undertaken in areas such as water, health, energy, and logistics.
“We know that presenting a portfolio of projects is of interest to potential investors… and this market sounding session achieves that purpose. It’s a source that you can use for your decision-making in the selection of the projects in which to invest,” Mr. Reynolds said.
He assured that “we, at the DBJ, are available, willing and able to share our strategies with you in walking through the process”.
The four-day conference, which concludes on Thursday (June 13), is being held under the theme ‘Delivering Economic Growth through Partnerships: Financing Regional Infrastructure, SMEs & Innovation’.