Housing Minister Hails Construction Industry

• Minister of Housing, Urban Renewal, Environment and Climate Change, Hon. Pearnel Charles Jr., has hailed the construction industry for being a pillar in Jamaica during the last 12 months. While countries in the world continue to experience downturns with some of their sectors during the COVID-19 pandemic, the construction sector in Jamaica has remained resilient.
• During his contribution to the 2021/22 Sectoral Debate in the House on Tuesday (May 4), Mr.  Charles Jr. said the Jamaica Mortgage Bank (JMB) and the Housing Agency of Jamaica Limited (HAJ) have contributed significantly to this success.
• The JMB is driven to mobilize financial resources for on-lending to private and public-sector developers and financial institutions. It is also tasked with developing an active secondary mortgage market and providing mortgage indemnity insurance in support of the national settlement goal.
• In the 2020/2021 financial year, the JMB surpassed its budgeted pre-tax profits by 11.0%. This was due to the Bank’s balance sheet remaining strong and boasting year-on-year growth in its construction loan portfolio of more than 50.0%.
• With regard to the HAJ, it has accomplished a number of successful projects through joint venture agreements with private partners. 
• Both JMB and HAJ will continue to be instrumental in driving construction activity by supporting the development of residential and commercial buildings/projects.

(Source: JIS News)