Stock Exchange, Inter-American Development Bank launch US$910,000 social initiative

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Stock Exchange, Inter-American Development Bank launch US$910,000 social initiative

BY SYMBE HUTCHINSON
Observer intern

Wednesday, August 05, 2020

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The Jamaica Stock Exchange (JSE) in partnership with the Inter-American Development Bank (IDB) yesterday launched its US$910-million “Innovating Social Sector Financing” project.

The project, which is aimed at funding social projects across the island, was launched at the Jamaica Pegasus hotel after a series of hybrid presentations.

“The project intends to facilitate the effective mobilising of resources to social service organisations and social enterprises that serves the poor and vulnerable through the Jamaica Stock Exchange integrated systems and tools,” declared Marlene Street Forrest, managing director of the Jamaica Social Stock Exchange.

The technical corporation agreement was signed by the JSE and the IDB on December 5, 2019 with a donation of US$490,000 from the JSE and a US$420-million grant from the IDB.

“These funds are to be used for a three-year project aimed at innovating social sector financing,” Street Forrest said, while pointing out that “the JSE recognises the importance of social services and the reason for the development of the ecosystem”.

The Jamaica Social Stock Exchange (JSSE) is hoping to target 150 social service organisations such as churches, foundations, non-profit organisations, and social enterprises.

The project will provide the means for the financial sector and the entire economy to achieve a greater good, through funding and capacity building needed for sustainable development with people at the centre.

“Investing in the social stock exchange will help to bring about enhanced capacity for the social services organisations we are targeting, and we are certainly hoping more women and small entrepreneurs will get involved in this, as we know they are in the social services sector,” said Therese Turner-Jones, general manager of the Country Department Group of the IDB.

The JSSE is looking to raise additional resources for social service organisations and aims to get 2,000 social investors to make donations to these organisations.

“We are hoping at least 10,000 poor and vulnerable people will benefit from this programme,” Turner-Jones said.

The JSSE was launched in January of last year.


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