Jamaica Mortgage Bank to be privatised

The Government is seeking to privatise the Jamaica Mortgage Bank (JMB), says Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Everald Warmington. The privatisation will allow the JMB to provide funds to the Government, deepen the financial mortgage market, widen the base of the ownership of the Bank, and assist the JMB to better achieve its strategic objectives, which may lead to eventual expansion of its current product offerings. JMB currently manages and funds 20 housing projects islandwide at a value of $8.8 billion and completed five projects during the 2021/2022 fiscal year.