Wed | Dec 7, 2016

Government signs US$105 million World Bank loan deal

Published:Thursday | September 4, 2014 | 10:18 AM
Peter Phillips - File

Three loans totalling US$105 million have been signed by the Government and the World Bank.



The loan agreements were signed at the World Bank’s headquarters in Washington, DC, yesterday.



Minister of Finance and Planning, Peter Phillips, signed on behalf of Jamaica, 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, 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.



Phillips says the loans are 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.



He said the Government will do its best to ensure a smooth implementation of the three projects.



Phillips and his delegation are also engaged in a series of discussions with officials at the US Treasury, State Department, the IMF and the Inter-American Development Bank.



He is accompanied by the Governor of the Bank of Jamaica, Brian Wynter; Director General of the Planning Institute of Jamaica, Colin Bullock; Financial Secretary, Devon Rowe and Ambassador to the United States, Stephen Vasciannie.



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