NEW HOUSING solutions are on the horizon as developers are soon to benefit from a more competitive source of funding.
This comes as a result of a line of credit agreement recently signed between the Jamaica Mortgage Bank (JMB) and the Economic and Social Development Bank of Venezuela.
"The JMB will be able to access up to US$2 million at a beneficial interest rate, which will allow the bank to move into the international financial market," Robert Pickersgill, Minister of Housing, Transport, Water and Works announced. He was speaking at the long service awards ceremony, celebrating the bank's 35th anniversary at the Jamaica Pegasus hotel on Friday night.
Founded in 1971, the JMB has been instrumental in upgrading squatter settlements, involving the provision of roads, water electricity and sewer facilities; the Start-a-Home programme and the Rural Home Improve-ment and Mortgage loans.
The bank, which falls under the umbrella of the Ministry of Housing, between April 2000 and March 2006, experienced a 79 per cent growth in its asset base, moving from $1.989 billion to $3.561 billion over the six-year period.
Additionally, in the area of equity the JMB experienced a 45 per cent growth, jumping from $1.527 billion in 2000 to $2.218 billion in 2006.
The growth did not end there as in the area of loan disbursement, over the same period, the bank disbursement moved from $510 million to $1.077 billion.
A part of the bank's 35th anniversary celebrations, a total of 15 employees were honoured for having served the institution between five to 30 years.
Milverton Reynolds, general manager of the JMB, attributed the success of the institution to its dedicated employees. He noted that as part of the 35th anniversary celebrations, the bank will be adopting and renovating a basic school for the coming school year.
The JMB currently has a portfolio of 34 active projects islandwide, providing 4,297 housing solutions, with total committed funds standing at $2.801 billion.
