Remarks 
Dr. Kishan Khoday, UNDP Resident Representative 
Memorandum of Understanding Signing Event between the Jamaica Stock Exchange Group and the UNDP Multi-Country Office in Jamaica
Tuesday, 11 June 2024 at 9:30 AM | Jamaica Stock Exchange
 

Salutations
•    Mrs. Marlene Street Forrest, Managing Director, Jamaica Stock Exchange Group
•    Distinguished Board Members of the Jamaica Stock Exchange
•    Representatives from the Private Sector and Social Enterprises
•    Members of the Media
•    Ladies and Gentlemen

Good morning.

Today’s historic signing of a Memorandum of Understanding between the United Nations Development Programme (UNDP) and the Jamaica Stock Exchange marks an important milestone in our crucial mission to mobilize innovative financing for Jamaica’s Vision 2030 National Development aspirations.

Aligned with the Sustainable Development Goals, Vision 2030 plans across the world require significant resources, dedicated and invested actors and an enabling environment that propels environmental, social and governance actions.

As the world contends with an achievement rate of only 16% for the Sustainable Development Goals (SDGs), our mission is clear and urgent: We must increase, empower and unleash social entrepreneurs to bolster the implementation of critical development actions, and place sufficient resources within their reach to make it possible. 

The UNDP-JSE MOU is an important step in shifting the financing paradigm to support this critical mission by promoting innovative financing solutions that bridge the gap between economic growth and social progress, powered by a new breed of dynamic social entrepreneur. As we navigate the complex challenges of our time – from climate change to social inequality – we must forge new partnerships that leverage the strengths of both the public and private sectors to create lasting positive impact.

Today's MOU signing ensures that our vision for a more sustainable and inclusive future is achievable and significantly contributes to advancing the JSE’s plans for the full establishment of a dynamic social capital market in Jamaica. 

The MOU establishes a framework for cooperation that will harness our complementary strengths and resources to create ecosystems that nurture social entrepreneurs and sustainable financing solutions; increase knowledge of sustainable investment trends and opportunities; and expand climate and biodiversity financing through green, sustainable and sustainability-linked bonds.  

Notably, we have also agreed to promote collaboration across the region and with other Small Island Developing States, creating a network that strengthens sustainable finance ecosystems across similar contexts and amplifying the impact of successful initiatives beyond Jamaica's borders.

UNDP assures the JSE and Jamaica of our commitment to connecting Jamaica with global innovations in sustainable finance and technical expertise, through our extensive international network and knowledge exchange platforms, and our experiences partnering with stock exchanges around the world. We also fully intend to support the development and implementation of sustainability reporting frameworks and advocate for a regulatory environment that promotes sustainable finance and social entrepreneurship in Jamaica and the wider Caribbean.

Today’s MOU builds on a significant body of work that has helped build private and public capacity to advance sustainable finance strategies aligned with global sustainable development objectives and to equip social entrepreneurs and organizations to effectively measure, manage, and communicate their social and environmental impact. These collaborative efforts have laid a strong foundation for our continued partnership, demonstrating our shared commitment to advancing sustainable development through innovative financial mechanisms.

The Jamaica Stock Exchange, as the principal stock exchange in Jamaica, has demonstrated remarkable leadership in mobilizing capital to facilitate the growth and development of companies and, by extension, Jamaica's local economy. Their commitment to cultivating a sustainable finance ecosystem, particularly through initiatives like the Jamaica Social Stock Exchange and the development of thematic bonds, aligns strongly with UNDP's mission to promote sustainability via private partnerships and scaled up finance.

This partnership, which falls under UNDP’s current Country Programme (2022-2026), signals our continued dedication to leveraging private sector partnerships for Jamaica’s sustainable development. 

Through our new partnership, together UNDP and JSE can show how development assistance, when deployed strategically, can be a powerful catalyst for long-term investments that deliver financial returns as well as meaningful social and environmental impact.

Thank you.