Jamaica To Benefit from US$105 Million World Bank Loans

Jamaica has signed three loans totalling US$105 million with the World Bank to support a number of government projects.

Finance and Planning Minister Dr. Peter Phillips, who is leading a four-member delegation to the United States, Wednesday signed the accord, while World Bank Country Director for the country, Sophia Sirtaine, signed for the bank.

The loans are in support of three government projects – the Foundation for Competitiveness and Growth, which will receive US$50 million; the Youth Employment in Digital Animation Industry, US$20 million, and the Strategic Public Sector Transformation Project, US$35 million.

“The projects are intended to further the overarching goals of the government of Jamaica-World Bank Country Strategy for the period 2014 – 2017; to support the government’s investments in key strategic areas, including physical sustainability in youth employment; public sector modernization and to facilitate a more enabling environment for private sector growth,” Phillips said.

He said the loans represent an important cooperation between the Government of Jamaica and the World Bank, and is aimed at advancing the prospects for growth as the country goes through a strenuous economic reform programme that forms part of the agreement with the International Monetary Fund (IMF).

Phillips said the Portia Simpson-Miller administration will do its utmost best to ensure a smooth implementation of the three projects, noting that the funds for the Foundation for Competitiveness and Growth project will enhance competition in the business environment, facilitate strategic private investments and support Small and Medium Enterprises (SMEs).

Funds for the Youth Employment in Digital Animation Industry will provide training and coaching for over 200 young Jamaicans, enhance entrepreneurial skills and create 150 start-up companies.

Under the Strategic Public Sector Transformation Project, the funds will be used to strengthen public investment management systems, budget preparation process and property tax compliance administration.

In her remarks, the World Bank official praised Jamaica for implementing programmes aimed at spurring economic growth.

She said the bank is committed to working with Jamaica in ensuring the success of its various economic programmes.