The Bank of Nova Scotia Jamaica Limited
On February 28, 2007 MIGA issued guarantees for $37.4 million to The Bank of Nova Scotia of Canada covering a $39.4 million on-lending loan to its subsidiary, The Bank of Nova Scotia Jamaica Limited. The coverage is for a period of up to 15 years against the risks of transfer restriction, expropriation of funds, and breach of contract.[1]
The project fits into the government’s overall strategy of fostering and maintaining economic growth, which has suffered from infrastructure constraints. The fifth phase of the expansion is anticipated to generate average incremental earnings of foreign exchange of $28 million per year for the next 15 years.
[1] The guarantee expired on February 15, 2022.