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Projects

Project Brief

Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.

 

Project name
The Bank of Nova Scotia, Jamaica Limited
Project ID
322
Fiscal year
1997
Status
Not Active
Guarantee holder
The Bank of Nova Scotia
Investor country
Canada
Host country
Jamaica
Sector
Banking
Gross exposure
 $24.0 million
Project type
Non-SIP

The Bank of Nova Scotia of Canada extended a $26.6 million loan to its subsidiary in Jamaica to expand local operations. MIGA issued a $24 million guarantee to cover the of expropriation and transfer restriction.

Incorporated in 1996, the subsidiary currently operates 45 branches in Jamaica, providing retail and corporate banking services. In addition, seven wholly owned subsidiaries provide specialized banking services such as mortgage finance and merchant banking. The lending activities of the subsidiary are expected to benefit companies in several sectors of the economy.

 
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