The Government has raised US$480 million from the issuance of a 12-year bond for a portion of the revenue due to it from the Norman Manley International Airport (NMIA).

The proceeds of the bond will be used to help refinance Jamaica’s debt and fund infrastructure programs.

Finance Minister Dr. Nigel Clarke says the bond is the Government’s first structured securitisation transaction in international capital markets.

The Finance Minister notes that the bond issuance was highly successful, with applications, totaling US$2.3 billion, representing an over subscription by five times the US$440 initially sought.

Dr. Clarke said the Government is pleased with the appetite demonstrated by the investor community in investing in Jamaican assets.

He said the Government looks forward to now being able to accelerate critical investments in domestic infrastructure, while reducing the national debt burden, even in the context of the adverse travel advisory and hurricane-induced growth shock and anticipated flat growth this year.