CDB to pump $172m into Jamaica
JAMAICA - The Caribbean Development Bank (CDB) has announced a US$172million programme of assistance for Jamaica that will run from now to the year 2021.
These resources will be augmented by £17.5 million in grants from the United Kingdom Caribbean Infrastructure Partnership Fund (UKCIF), the bank said in a release on Thursday .
The programme of assistance, which was outlined in a new Country Strategy Paper, was approved by the bank’s board of directors on Thursday. “This strategy will support Jamaica in its efforts to further diversify its economy, building on the relative success of its tourism industry. It will also focus on improving the business regulatory environment. In consultation with country stakeholders, the bank has designed the programme of assistance to respond to challenges that can stymie diversification, such as the high incidence of violent crime, inadequate semiskilled and skilled labour and social inequalities,” Dr Justin Ram, CDB’s director of economics, is quoted as saying in the release. The strategy is built around four key pillars, with crosscutting themes of citizen security, gender equality and energy security.
The new country strategy follows the 2014-2016 version, which had a resource envelope of US$38.5 million, the release said. It supported the government’s reform programme through a policy-based loan geared towards fiscal consolidation, growth and competitiveness, and social cohesion. During the period, CDB said it also provided technical assistance to strengthen capacity in the Ministry of Finance. Individual projects to be delivered under the new programme of assistance will be appraised by the bank and, if deemed to be viable, will be presented to the board of directors for approval, following which disbursements will commence, the release said.
“The 2017-2021 Country Strategy for Jamaica aligns with the bank’s strategic objectives of supporting inclusive and sustainable growth and development, and promoting good governance,“the release said.
(Jamaicaobserver)