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NROCC racks up $300b in debt

Published:Tuesday | November 10, 2015 | 12:00 AM

Auditor General Pamela Monroe Ellis has reported that the government company responsible for ensuring the implementation of the Highway 2000 project has accumulated more than $300 billion in debt over the last six years, posing serious financial threats to the State.

The disclosure was made in the assessment of financial statements for the National Road Operating and Constructing Company (NROCC).

The assessment covering the financial years 2009-2010 to 2014-2015 was tabled in the House yesterday.

The NROCC was established in 2002 to license and promote highways across Jamaica.

It is the agency that represents the interest of the Government under the concession agreement with the developers of the Highway 2000 projects.

In her report, the auditor general raised concerns about the financial health of the NROCC, the dangers faced in fulfilling its obligations, and potential risks to the Government.

Monroe Ellis said the company was heavily indebted after accumulating approximately $332 billion in debt between 2009 and 2015.

She also noted that over the review period, the company's outstanding debt increased by more than 80 per cent.