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$30-million feasibility study for Caymanas Economic Zone

Published:Thursday | March 12, 2015 | 12:00 AM

Jamaica is to spend $30 million in 2015-2016 to commence a feasibility study on the proposed Caymanas Economic Zone. The Caymanas Economic Zone is proposed to be one of the segments under the much-anticipated Jamaica Global Logistics Hub initiative.

The country is to spend $20 million this year on a draft logistics hub initiative master plan.

The $450-million fund, which is provided by way of a World Bank loan, is being spent as part of the Jamaica Foundations for Competitiveness and Growth programme. The objectives of the project is to strengthen the enabling environment for private-sector competitiveness, through several initiatives, including the facilitation of large-scale private investment.

Of note, the competitiveness project resides in the Ministry of Finance and not the Ministry of Industry, Investment and Commerce, which has carriage of the logistics hub initiative.

The bulk of the funds - $300 million - will be disbursed as grants and concessionary loans to the small- and medium-size enterprises.