Finance Minister, Dr. Nigel Clarke, is describing the Holness administration’s decision to make some $25-billion available for investment in Jamaican businesses as a potential game changer’.
Dr. Clarke says the government will be lifting the restrictions on pension funds, which currently prevent them from investing any of their funds in venture capital.
The Finance Minister was speaking at a forum on innovation hosted by Compete Caribbean at the Marriott Hotel in New Kingston this morning.
Dr. Clarke says he plans to take the proposed amendments to the Pension Funds Act to Parliament by January. The announcement was met with much applause this morning.
He says the move will free up about $25-billion for investment in Jamaican businesses.
The Finance Minister says this is a game changer for the country’s growth.
He says pension funds need to be allowed to take risks. However, he says this must be done responsibly.
Meanwhile, at least one pension fund manager is welcoming the news. Brian Frazer is Vice President and Chief Investment Officer at Scotia Investments. He says they were expecting the announcement, along with several other changes.
Mr. Frazer says the changes will help to spur growth in the economy.