The Jamaica Mortgage Bank (JMB) will be shifting its focus toward financing low-income housing in western Jamaica where communities were hard hit by Hurricane Melissa.
Managing Director Courtney Wynter explained that this pivot is one of the key reasons the bank sought the arrangement of a $1.5 billion unsecured bond through Proven Wealth.
The funds are being used to refinance debt that matured earlier this year, freeing up cash flow to complete some 800 housing units already under construction, and to begin new low-income developments in the western end of the island.
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