1 month ago
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Chartered accountant Dennis Chung has hailed Jamaica’s first structured securitisation of the revenue share owed to the government by the Norman Manley International Airport, NMIA.
The revenue share was secured through a US $480 million, 12-year bond issued by Kingston Airport Revenue Finance Limited, also referred to as King-Air.
The finance ministry announced the transaction in a statement on Monday.
Speaking on Nationwide at Five Monday evening, Mr. Chung described the bond as a good move for the country. He notes that it will not add to the national debt.
Kingston Airport Revenue Finance Limited, which is referred to as a King-Air, is a special purpose vehicle held in trust in the Cayman Islands.
As part of the move, the government grants King-Air its rights to over 52 per cent of the revenue generated by the airport in exchange for the US $480 million raised through the bond issue.
Mr. Chung says this is a rare feat for a small island developing state.
Dennis Chung, chartered accountant.
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