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Jamaica diaspora bond possible for Jubilee

JAMAICA could issue its first bond to its diaspora by August, say World Bank officials.

But bureaucratic red tape may hinder the move.

The idea behind selling bonds directly to the diaspora is centred on capturing some of the more-than-US$5 billion ($435 billion) — which is equivalent to approximately 40 per cent of Jamaica's GDP — saved each year by persons of Jamaican descent living abroad.

It also involves marketing and selling the bonds to hundreds of thousands of individuals rather than a few large institutions, as is the case with global bonds issued by the Government.

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