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Jamaica Receives $31M Loan From China, European Commission and IDB

Posted byBy Tracy | Published on: CommentsComments (0)

jamaica chinaJamaica will be receiving a $31.6 million loan from the Inter-American Development Bank (IDB) targeting efficiency in the country’s public sector.

The loan will improve the public sector by strengthening the capacity of the government in human resource management, information and communications technologies management, and control systems and accountability mechanisms. This supports the strategic goals of Jamaica’s ongoing stabilization program.

The government of Jamaica has identified results in human capital management systems, institutional strengthening of information and communications systems and modernization of budget control systems as high priorities given their significant potential for efficiency gains and long-term budget savings. These reforms are expected to contribute to the government’s ambitious fiscal consolidation program over the next four years.

Among other outputs, the program expects to train 1.200 government employees in new procurement curricula, the implementation of a new e-tendering software, establishing a new technical office to enhance the oversight role of Parliament and training more auditors. The project will also finance e-government strategy and training, and establish a one-stop shop for business registration. These will help cut the number of days required to register a new business from seven to two.

The US$31.6 million loan program is being jointly funded by the IDB, the Chinese government and the European Commission. The IDB will contribute up to US$14 million and the China Co-financing Fund for Latin America and the Caribbean will provide up to US$11 million. The European Commission will provide a project-specific grant of up to 5 million euros. The loan is for a 25-year period, with a five and one half-year grace period, at a Libor-based interest rate.

Source: 4-traders.com

 

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