Jamaica to Launch Major Infrastructure Scheme

Jamaica said it will start a nationwide infrastructure program this year, which, it said, will be supported by concessionary loan from China.

The project was first unveiled Thursday by Governor General Patrick Allen in his address to the Jamaican parliament for the 2013-14 fiscal year.

The Chinese Embassy to Jamaica Friday confirmed the announcement, while emphasizing the funding is still under assessment.

Minister of Transport, Housing and Works Omar Davies said the project, known as MDIP, will help promote the Jamaica Emergency Employment Program (JEEP), as well as other national and community projects.

But Davies also said the spending of MDIP would be restricted by the limits stipulated by the International Monetary Fund (IMF) as part of an agreement for a $750 million standby loan arrangement.

Jamaica is currently awaiting approval from the IMF executive board for the standby loan.

Source: Globaltimes

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