Kirk Ifill (centre), the Caribbean regional manager of the International Finance Corporation (IFC), in discussion with Minister of Finance and Planning, Dr. Omar Davies (left). Occasion was yesterday's signing of a loan agreement with Trinindad Cement Ltd., for the expansion and modernisation of the company's Rockfort facilities. The signing took place at the office of the Ministry of Finance, Heroes Circle in Kingston. Looking on is Rollin Bertrand, group chief executive of TCL. - Norman Grindley/ Deputy Chief Photographer
THE INTERNATIONAL Finance Corporation, a subsidiary of the World Bank, has agreed to provide Trinidad Cement Limited (TCL) with a US$105 million (J$6.4 billion) loan package for the expansion and modernisation of the Carib Cement plant in Rockfort, east Kingston.
The agreement for the provision of US$35 million of the total package was signed between representatives of the TCL Group and Kirk Ifill, the Caribbean regional manager of the IFC at the Ministry of Finance, Heroes Circle in Kingston yesterday.
Brian Young, director of the TCL Group and board chairman of Carib Cement, said the loan will allow for "the construction of a new kiln, the expansion of the cement mill capacity and the retirement of the existing inefficient kiln number three line."
EXPANSION
On completion of the expansion, Mr. Young said Carib Cement's annual production capacity will be doubled, both for clinker and cement, to 1.3 million tonnes and two million tonnes respectively. He said the improvement works would allow the company to become more environmentally friendly and at the same time increase production and competitiveness, as well as reduce operational costs. He assured that the savings realised would be passed on to the consumer.
He also said more employment opportunities would be created as the company has partnered with the HEART Trust/NTA to train persons in and around the community where the plant is located in order to become employable. He said the first batch of 122 persons are expected to graduate from the training programme on July 26. The expansion project is expected to generate approximately 1,300 new jobs.
Minister of Finance Dr. Omar Davies, in expressing congratulations to TCL on securing the loan for the expansion, reiterated his positive outlook on the Jamaican economy.
