PROJECT STAR (Social Transformation and Renewal) has officially been listed on the Jamaica Social Stock Exchange (JSSE). Marlene Street Forrest, managing director of the (JSE), described it as a landmark listing, being the first of its kind in Jamaica and the Caribbean, following successful fund-raising through a social public offering.

“Project STAR is listed because of its proper due diligence and approval by the JSSE listing and standards committee. Having successfully raised $14.7 million in the first round of capital raises through the social IPO,” stated Marlene Street Forrest in her opening remarks during the listing ceremony on Tuesday at the JSE.

The event marked the JSSE’s first listing ceremony of the year and its fifth listing to date. Project STAR is a social and economic development initiative created by the Private Sector Organisation of Jamaica (PSOJ) in partnership with the Jamaica Constabulary Force (JCF) to bring about societal transformation through targeted interventions in under-resourced areas of Jamaica. The listing, according to its sponsor Keith Duncan, who also chairs the Economic Programme Oversight Committee (EPOC) and is the chief executive officer of JMMB Group, is to ensure accountability to the wider Jamaica and communities that Project STAR is targeting and doing work in.

“The JSSE has given us that visibility, and we also know that we have requirements to ensure transparency is there, and they can feel comfortable knowing that process is in place,” said Duncan.

Street Forrest commended Project STAR for its ambitious exercise of the programme’s commitment to transparency and governance. She emphasised the critical role of an independent portal in the financial sector, working hand in hand for success.

“The listing today will take this project into a post-listing environment,” Street Forrest stated.

This phase will involve the disbursement of funds for approved programmes, reporting, monitoring, social impact assessment, and the potential for further fund-raising. She highlighted the potential for Project STAR’s listing to catalyse more corporate foundations and Jamaicans to access the JSSE’s platform for the mobilisation of social capital and building sustainability. However, she acknowledged that there will be additional scrutiny by the JSSE for listing Project STAR, as the public who has invested social capital will be looking to see the impact of the investment and how responsible it is for social investors.

“I’m going to make sure that Keith Duncan and his team deliver on everything that he said,” reassured Neville Ying, chairman of the JSSE.

Highlighting the international best practices of the JSE, with companies scrutinised annually for their practices, Ying revealed that the same standards will be applied to the JSSE. He emphasised expectations for projects listed on the exchange, stressing accountability through monitoring and anticipating Project STAR’s focus on uplifting communities and improving lives. While satisfied that Project STAR has met the requirements for listing, he says the JSSE has established a monitoring and evaluation committee to serve as an external auditor.

Duncan, however, asserted that the project has a strong belief in governance and collaboration. Project STAR aims to link the financial ecosystem to social investments, allowing the investor community to witness the social return on investment. It has implemented various initiatives, including early childhood feeding programmes, summer camps, homework programmes, counselling, sports programmes, and economic initiatives for job creation.

“As the PSOJ, we have linked into the PSOJ network, working with corporations and small and medium enterprises to create a job bank and a supply of labour from these STAR communities,” said Duncan.

According to Duncan, over 74 people at this early stage of the programme are in stable jobs, retaining their positions. The project, operational for over a year, has raised over $400 million, representing multi-year commitments from a “strong donor community”.