Businessman suggests legislative tweaks to allow J'cans to invest in NMIA
With the Government facing difficulty divesting the Norman Manley International Airport (NMIA), a leading businessman is suggesting that a few legislative tweaks would allow Jamaican entities to invest in the facility.
Head of Continental Baking Company, Gary Hendrickson, says one such change would be a reduction of the minimum capital test (MCT) ratio for local insurance companies.
The MCT assesses the riskiness of assets and local regulators require that available capital be at least 250 per cent of the minimum capital requirement.
However, local business leaders have argued that lowering this requirement would free up billions in capital for investment.
Hendrickson says with the NMIA again on the market, Jamaicans should be given an increased chance of owning a stake.
Last week, the Government announced it had approved a new Public-Private Partnership tender for the NMIA.
An invitation for prequalification applications is expected to be launched by early December 2016.
The previous tender process, launched in December 2014, was terminated after it received no bids from five shortlisted companies.
The government had reported that two of the consortiums which were shortlisted in the previous process included Jamaican partners.