Finance Minister Dr Nigel Clarke - FILE PHOTO
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By Javaughn Keyes
The Government of Jamaica says it has secured US$480 million through its first structured securitization transaction in international capital markets.
Securitization is the process of transforming assets or investment that cannot be easily or quickly converted into cash, such as loans, mortgages, or receivables, into tradable financial securities.
These securities are then sold to investors, allowing the originating company to raise funds by converting assets that typically take time to mature into immediate cash.
Finance Minister Dr. Nigel Clarke said the securitization involved the portion of Norman Manley International Airport revenue due to the government.
He said the bond issue was highly successful.
The Finance Minister said any surplus received by KingAir on an annual basis, above an established benchmark, will be distributed to the government.
Once the bond is repaid, the government will resume the collection of 52.33 per cent of the revenue generated by Norman Manley International Airport, he added.
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