EGC works on development special Diaspora bond

Work is advancing on the development of  a special diaspora bond, being spearheaded by the Economic Growth Council (EGC), which could result in it being floated on the market this year.
The bond will mainly target Jamaicans living in Canada, the United Kingdom and the United States.
The bond is part of  the EGC's initiatives to assist with the Government's undertaking to lobby greater diaspora support for the country's growth agenda.
Executive Director of  the Economic Growth Council Senator Aubyn Hill, who says the concept is getting good feedback from the diaspora, says work on the instrument entails studies to determine how the bond should be tailored; and putting together a prospectus to inform persons on investment dividends.
He told JIS News that based on the extent of  the engagements the bond could be floated in about four months subject to updates from and confirmation by the Economic Growth Council's Diaspora Working Group, which is chaired by Dr. David Panton.
He indicated then that the EGC and, by extension, Government would benefit from the expertise of  the Israeli Government's Bond Director, Gideon Sitterman, whose services were sought.
This collaboration was pursued against the background of  Israel having what is widely regarded as the most successful diaspora financial services organisation globally, as also sharing similarities with Jamaica, in terms of  diaspora community compositions.
Israel's Government first floated bonds in 1950 in the aftermath of  that country's War of  Independence, which devastated its economy and wiped out more than one percent of  the population.


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