NIBJ succeeded JNIC in May 1984 in a restructuring designed to bring sharper focus to the Government's investment and divestment policies.
Accordingly, the NIBJ was placed within the portfolio of the OPM as a central coordinating and implementing agency;
An NIBJ enterprise team, led by NIBJ personnel and comprised of external consultants and ministry experts, conducts each privatization in a unique, ad hoc way.
To date, the NIBJ has overseen the divestment of 80 public entities.
Petrojam: In 1994 the NIBJ solicited proposals for the purchase of Petrojam, Jamaica's sole oil refinery.
Although NIBJ continues to receive sporadic proposals for purchasing Petrojam from other consortia (most without clear financial backing), in the absence of a new Government mandate, NIBJ refuses to consider Petrojam divestment.
According to NIBJ, the Government aborted the privatization because it found these offers unsatisfactory.
In 1998, NIBJ was given the responsibility for coordinating the privatization.
However, please note that applications will not be accepted by NIBJ until an advertisement inviting investment has been placed in the press.