Wed | Sep 20, 2017

US$100m to boost investments in Ja

Published:Saturday | July 23, 2016 | 7:00 AM
Fayval Williams

The Government has received a US$100-million loan from the Inter-American Development Bank (IDB) to increase access to financing for firms and individuals, as well as improving the regulation and supervision of the country's financial system.

Dubbed the 'Financial System Reform Support Programme', the initiative seeks to promote private investment and reduce the cost of and the perceived level of difficulty in doing business in Jamaica.

Speaking at the official signing ceremony at the finance ministry in Kingston on Thursday, Minister of State Fayval Williams said the Government anticipates a positive impact on the country's gross domestic product and economic growth that will be spurred by the reform measures that are being undertaken.

"The Government appreciates the contribution of the IDB to financial-sector reform in Jamaica and looks forward to continued collaboration with the bank in support of the Government's overall objectives as outlined in the Vision 2030 National Development Plan," she said.

Williams said economic growth remains a priority for the Government, adding that the initiative would also help firms and individuals develop their productive potential.

"Although the implementation of reforms under the Extended Fund Facility with the International Monetary Fund has led to an increase in gross domestic product as well as an increase in Jamaica's credit rating, high sustained economic growth remains a challenge for Jamaica," she said.

Meanwhile, General Manager of the Country Department, Caribbean Group of the Inter-American Development Bank, Therese Turner-Jones, said the initiative would "shore-up" the environment for a more robust financial sector and access to financing.