Mon | Nov 19, 2018

IDB to provide US$50M annually for investment projects in Jamaica

Published:Tuesday | October 23, 2018 | 10:08 AM
Jamaica’s Ambassador to the United States and Chairman of the CARICOM Caucus of Ambassadors, Her Excellency Audrey Marks (third right), congratulates newly appointed Inter-American Development Bank Executive Director for the Caribbean, Ambassador Selwin Hart (second left), after a luncheon at the IDB headquarters in Washington DC on Friday, October 19, 2018.​ Others (from left) are Manager of IDB Multilateral Invest Fund, Irene Arias-Hoffman; Jamaica’s representative to the IDB, Arthur Williams; and General Manager of IDB Invest, James Scriven.

The Inter-American Development Bank (IDB) is making more than US$50 million a year available for investment in a number of projects in Jamaica, through its investment arm, IDB Invest.

IDB Invest General Manager James P. Scriven said that tourism, infrastructure, transportation, ports, roads as well as the financial sector are the areas identified to benefit.

Scriven said the funds will be made available over “a couple of years.”

Speaking at a luncheon hosted by the IDB’s new Executive Director for Caribbean countries, Ambassador Selwin Hart at the organisation’s headquarters in Washington DC on Friday, October 19, Scriven said that IDB Invest is taking keen interest in Jamaica and its development, noting that the funds being made available will support key growth projects.

Meanwhile, he affirmed the IDB Group’s commitment to supporting investments for projects within the wider Caribbean.

“We have over US$300 million that we will loan to various projects in the Caribbean, as we feel the IDB needs to pay more attention and give more financial support to the Caribbean,” he informed.

Jamaica’s Ambassador to the United States and Chairman of the CARICOM Caucus of Ambassadors, Her Excellency Audrey P. Marks, welcomed the announcement of IDB funds to be made available for projects in Jamaica.

“This latest expanded financial framework from IDB Invest, which will allow projects as small as US$1 million to be included, will help tremendously in improving small and medium-sized enterprise investment in our tourism, infrastructure, transportation, and financial sectors,” she pointed out.

Ambassador Marks said that as Chairman of the CARICOM Caucus of Ambassadors, she is pleased that IDB Invest is looking to help finance a number of projects throughout the region. 

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