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Jamaica making strides with PetroCaribe deal - PM

Published:Friday | September 4, 2015 | 9:46 PM
Prime Minister Portia Simpson Miller cites the expansion of Jamaica’s road network; improvement in mining infrastructure; upgrading of port infrastructure; and the provision of working capital to some public sector entities as among the benefits.

Prime Minister Portia Simpson Miller says Jamaica continues to make strides in national development as a result of the PetroCaribe deal.

Petrocaribe is an oil agreement with Venezuela which allows Jamaica and other countries to buy fuel at preferential rates.

The country also benefits from a loan facility which is channelled to Jamaica’s PetroCaribe Development Fund.

Jamaica has been involved in the PetroCaribe arrangement for 10 years and Simpson Miller says over that time savings accrued from the facility has positively impacted the Jamaican economy.

She cites the expansion of Jamaica’s road network; improvement in mining infrastructure; upgrading of port infrastructure; and the provision of working capital to some public sector entities as among the benefits.

Tomorrow, the prime minister will co-chair the 10th Anniversary Commemorative Summit of the PetroCaribe Agreement with president of Venezuela, Nicolás Maduro, at the Montego Bay Convention Centre in St James.