Industry Ministry to sign Krauck-Anchor as partner on logistics hub financing
The Ministry of Industry Investment and Commerce will sign an agreement on Monday with two overseas companies, Krauck Systems, out of Austria/Germany and lead financier Anchor Finance Group LLC, based in New York, to seek out US$5 billion in investments in for the Jamaica’s Logistics Hub Programme, Minister Anthony Hylton has announced.
The Krauck-Anchor consortium will work Government of Jamaica technocrats to determine the specific projects, the roles and responsibilities of each party, and the procedures to be followed in developing and integrating the logistics hub projects.
On its website, Krauck, an engineering firm, describes itself as providing technology oriented solutions for construction-related problems and “time overshots of all types of projects”, including high-civil engineering, automotive industry, refinery and chemical.
Questions sent to the company regarding their planned approach to projects in Jamaica, options for financing and their equity participation were not answered up to press time. Hylton was said by his assistant to be travelling abroad a day after he made the announcement, while chairman of the Logistics Hub Task Force Dr Eric Deans did not respond to emails nor phone calls.
Hylton earlier described Krauck Systems as a world-class construction manager, capable of engaging highly qualified and experienced contractors, as well as employing an integrated approach as project developer, financier and operator to coordinate specific elements of the hub.
Bloomberg Business Online describes Anchor Finance Group as providers of “Sharia'h-compliant financial services in the United States.”
The company is said to be involved in financial consultancy, trade finance, project financing, real estate finance, syndications, structured finance, and venture capital with strategic partnerships with JPMorgan Chase, Deutsche Bank Trust Company Americas, Emirates Global Islamic Bank, Takaful Pakistan Limited, Al-Zamin Leasing Modaraba/Investment Bank, United Bank, Limited, Fortis Banque SA. Merrill Lynch International, and Wall Street Banking Corp.
Founded in 2005, Anchor is based in Hauppauge, New York.
Hylton said Wednesday that the consortium is specifically interested in the Caymanas Special Economic Zone, an airport at Vernamfield, a dry dock, a commodity port among other projects.