New jobs coming
Finance Minister Dr Peter Phillips says the local economy is now poised for growth with the Business Processing Outsourcing (BPO) sector getting ready to slash the unemployment rate by providing between 7,000 and 10,000 new jobs in the coming months.
Noting that it was a 'good news day', Phillips announced that the country had passed the latest International Monetary Fund test.
"The Development Bank of Jamaica (DBJ) has eight applications for US$23 million of financing received from Jamaica Promotions, JAMPRO. Some six of the eight applications have been approved by the DBJ to create 34,000 square feet of additional BPO space," he said.
The finance minister was giving the main address at the signing agreement between the University of the West Indies and Barnett Estates for the sale of lands at Fairfield Estates and the development of an integrated western campus of the University held at the Bellefield Great House, Montego Bay, on Friday.
The agreement will see the University acquiring 18.155 hectares of land at Fairfield. The location will also form part of a technology park being constructed by Barnett Estates.
Phillips pointed out that the agreement inked by the University of the West Indies and Barnett Estates links the provision of educational services and a knowledge-based productive activity.
Professor Archibald McDonald, principal of the University of the West Indies, Mona, said in addition to creating a new western campus, the University would simultaneously develop a medical faculty which would be constructed at Hartmont, a 10-acre property adjacent to the Cornwall Regional Hospital, Montego Bay.
He said it would be the main medical campus in western Jamaica.