The Jamaica Stock Exchange (JSE) and the Inter-American Development Bank (IDB) have signed an agreement to assist the Jamaica Social Stock Exchange (JSSE) to develop an ecosystem to assist Social Sector Organizations (SSOs) raise capital and resources to finance and bring their social projects to completion. The JSE/IDB have joined resources to spearhead an innovative project dubbed, “Innovating Social Sector Financing” at a cost of US$$910,000.00, with US$420,000.00 donated by the IDB. The Project was launched on Tuesday, August 4, 2020, as a hybrid event, online and at The Jamaica Pegasus Hotel.
Among the dignitaries supporting and participating in the Project’s launch to help transform Jamaica’s social economy are: Her Excellency, Ambassador Audrey Marks, Ambassador of Jamaica to the United States of America; the Hon. Earl Jarrett, Chief Executive Offer, The Jamaica National Group; Hon. Thalia Lyn, who serves as the JSSE’s Ambassador; Mrs. Therese Turner-Jones, General Manager IDB Country Department Caribbean Group and Professor Neville Ying, Chairman of JSSE.
“This project is very important to the JSE and to the Social Sector in particular, as at the end of this innovative project, we are expecting to map the social environment, upgrade the Social Stock Exchange’s platform to better connect social enterprises and donors and to build up their capacity so that many more projects can be listed on the JSSE, said Mrs. Marlene Street Forrest, Managing Director of the Jamaica Stock Exchange, parent company of the Jamaica Social Stock Exchange (JSSE).
“We are thankful that IDB has come onboard at this juncture and this should redound to the growth and development of Jamaica’s social economy and the country as a whole. The partnership with IDB is significant and will go a long way in promoting the Social Sector of Jamaica. However, there so much more needed to be done. The JSSE will not only be seeking funds from the local contributors but also from the Jamaican Diaspora at large,” added Mrs. Street Forrest.
In January 2019, the Jamaica Stock Exchange (JSE) pioneered the Jamaica Social Stock Exchange (JSSE) with the endorsement of the Prime Minister of Jamaica, at its Annual Regional Conference. The JSSE provides a global platform for financing social projects and promoting the social sector of Jamaica. The Inter-American Development Bank has come onboard to assist the JSE to enhance its platform to connect donors and social investors, to enhance the capacity building of these social sector organizations to complete their projects and communicate their effectiveness to potential donors and investors, and in so doing, further the support of their social impact work.
