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Jamaica Puts Finishing Touches on $50M Growth and Competitiveness Project

jamaica 1Jamaica’s government is finalizing a four-year $50 million Growth and Competitiveness loan project with the World Bank as it continues to improve the business environment.

Industry, Investment and Commerce minister Anthony Hylton made the announcement May 21 during the 2014-2015 sectoral debate in the House of Representatives.

He noted that Jamaica Promotions Corp. (JAMPRO), through the National Competitiveness Council, will be coordinating the execution of component one of the project.

“This component will place specific focus on increasing Jamaica’s competitiveness, through strengthening of the country’s competition laws and the work of the Fair Trading Commission,” he said.

The minister noted that component two will provide for the development of the master plan for the Global Logistics Hub Initiative, and the packaging of Hub investment projects, noting that JAMPRO will also have access to funds for project origination and investment promotion.

The initiative is a core plank in the administration’s economic growth strategy and seeks to drive investment and create sustainable employment over the long term.

It aims to take advantage of the anticipated increase in trade activities expected as a result of the expansion of the Panama Canal, scheduled for completion by 2015.

“Component three of the project will support a lending facility as well as capacity building and linkages programs for micro-, small- and medium-sized enterprises,” he said.

Hylton also noted that the Development Bank of Jamaica and the Planning Institute of Jamaica will be working with JAMPRO as the lead coordinating agencies for discrete components supporting critical aspects of the Industry Ministry’s work.


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