Black Immigrant Daily News

The recent launch of the Scholastic Assessment Test (SAT) programme is a commitment by Government to student athletes who are seeking placements in US colleges and universities.

Minister of Youth, Sports and Community Empowerment, Charles Griffith, gave this assurance at the launch ceremony of the pilot programme last Saturday at the Ministry’s headquarters in Haggatt Hall, St. Michael.

Griffith stated: “Government is fully aware of the social responsibility that we have to young people. This initiative this morning is one such initiative from government to ensure that we reach those people who most need the assistance in terms of moving ahead.”

He highlighted the fact that the cost of prepping for the SAT’s programme was costing parents between BDS $400 and BDS $600 dollars and times were tough for some households.

While noting that the pilot programme and its participants would be used to determine the validity of the initiative, the Youth Minister said: “What you do and how you treat to the knowledge and the fact that you’re benefiting from this, will impact those who will come after you. We fully expect that you return and in subsequent course, that you speak to those who come in cohort two, three or even four, in relation to your journey as a result of what is happening here this morning.

“And if you do that, government will be satisfied that the investment that we would have made in this particular programme is worthwhile. We will know that we will continue with the programme to benefit those other athletes who will come after you.”

Minister Griffith thanked the Director of Sports at the Ministry, Stephen Rowe for implementing the SAT programme and tutor, Kim Jones for facilitating it.

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Black Immigrant Daily News

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Black Immigrant Daily News

JMMB Group, through its subsidiary JMMB Securities, has launched a private equity investment vehicle to fund mid-sized companies in Jamaica and the rest of the Caribbean.

JMMB Securities Limited has already raised $1.5 billion in its first closing in September for the private equity company Vertex SME Holdings.

Vertex SME Holdings is predominantly funded by external investors desirous of gaining exposure to the private equity asset class, JMMB said.

JMMB Securities Limited has invested its own capital in Vertex, subscribing for approximately 10 per cent of the total offer size.

“There generally exists a number of debt and equity financing options for large companies and to some extent also early stage companies. However, given the scale and stage of development of mid-sized companies, they generally do not have ready access to well-structured growth funding. So a vehicle such as Vertex is particularly important in helping to bridge this gap,” said Kareem Tomlinson, General Manager, JMMB Securities Limited.

Vertex will invest between $150 million and $500 million each in a pool of as many as 10 businesses.

As subsequent investment opportunities arise, JMMB Securities will pursue more fundraising for Vertex, providing investors with above-average, risk-adjusted returns.

In addition to offering more growth funding opportunities for mid-sized businesses, the investment vehicle will enable JMMB to diversify its revenue stream.

JMMB Securities Limited, the investment manager for Vertex, said it would leverage the strengths and expertise of JMMB Group to help mid-sized businesses grow into larger entities.

JMMB Securities will utilise the group’s vast client network to ensure that at all times, Vertex has consistent access to high-quality investment opportunities.

Vertex will also appoint directors to the boards of each of the companies.

“Portfolio companies in which we invest will not only get access to financing, but access to best in class technical expertise across a wide range of expertise,” Tomlinson said.

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First Citizens Bank, Independence Square, Port of Spain. – File photo

THE Bankers’ Association of Trinidad and Tobago (BATT) has commended the government “in its efforts to close the deficit gap in fiscal year 2022 and more so in fiscal year 2023.”

In a press release, BATT said the budget focused on the vulnerable, lower-income groups and small and medium enterprises.

“…As well as its deeper commitment to financial inclusion, digitalisation and the incorporation of renewables within the energy mix are all welcomed measures that are closely aligned to BATT’s advocacy thrust.”

It said it was “particularly encouraged” by the government’s continued investment in ICT infrastructure and digital transformation.

“The focus on transitioning to a cashless society, digitalising government services, coupled with expanded initiatives to ease the cost and time to do business in TT are all to be commended.

“Efforts to create more access to financial services to unbanked and underbanked citizens across the country are noteworthy, as is the national financial inclusion survey, intended to identify barriers impacting financially underserved adults.”

It also said it appreciates that a renewable energy policy is being developed.

“And its pursuit of a broad mix of projects in its energy transition strategy including the feed-in tariff policy to facilitate residential and commercial renewable energy generation, and the planned construction of the solar photovoltaic energy plant.”

It said it looks forward to continued collaboration with the government “in providing financial support to SMEs through its proposed long-term loan guarantee programme and reaffirms its commitment improving the lives of all citizens of TT.”

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