IDB Assists JSE With Crafting Social Enterprise Financing Framework For Jamaica

Share

Source: The Gleaner, Jamaica


The social services sector in Jamaica is expected to benefit from a technical cooperation agreement between the Jamaica Stock Exchange (JSE) and the Inter-American Development Bank’s (IDB) innovation subsidiary, IDB Lab, valued at US$420,000.

Under the agreement, the IDB’s innovation hub is expected to assist the JSE in developing an innovative financing platform for social enterprises seeking funding to execute their mandate.  

Further, the JSE is to assist social enterprises to build capacity so they can adopt and implement the kind of management framework that will allow them to attract funding via the social stock exchange (JSSE) that was recently launched.

According to Therese Turner Jones, IDB’s country manager for Jamaica and general manager for the Caribbean country group,“our plan is to develop an integrated platform for connecting donors and investors”.

However, she said: “Ultimately, the goal goes well beyond financing to building capacity of these social services organisations to manage projects effectively, while measuring and communicating their results.”

The project is expected to benefit some 150 social service organisations across the island including churches, foundations, non-government organisations and social enterprises many of which are headed by female social entrepreneurs; and 10,000 poor and vulnerable persons are slated to benefit from the programme.

The total project budget is US$910,000, of which US$420,000 is being provided by the IDB Lab through the non-reimbursable technical co-operation agreement. 

Speaking at the signing, Marlene Street Forrest, JSE managing director stated: “We are confident will have significant long-term benefits for social enterprises as they seek to build capacity within their organisations, increase their governance structure, thereby increasing their options for financing their businesses and indeed the social sector ecosystem for social programmes and transparency.” 

READ  Need To Tackle Impact of Likely Electric Car Battery Production Boom: UN

Additionally, Street-Forrest said the programme is “expected to directly
strengthen the JSSE’s own delivery and positively impact all areas of funding access”. 


Related Post
Need To Tackle Impact of Likely Electric Car Battery Production Boom: UN

Demand for raw materials used in the production of electric car batteries is set to soar, prompting the UN trade Read more

How My Company Successfully Changed My Role from On-site to Remote

The modern workplace is evolving lightning fast. It’s becoming increasingly distributed. After realizing that remote work leads to a healthier, Read more

Bosses Are Using Software to Keep Tabs on Remote Workers | AdAge

The email came from the boss. We’re watching you, it told Axos Financial employees working from home. We’re capturing your keystrokes. Read more

Entrepreneurialism Is Desperately Needed

By Project Syndicate Capitalism is facing at least three major crises. A pandemic-induced health crisis has rapidly ignited an economic Read more

Share
Show Comments

Leave a Reply

Your email address will not be published. Required fields are marked *