Cabinet approves restructuring of Highway 2000 loan
Published:Tuesday | August 17, 2010 | 9:21 AM
Cabinet has approved measures that will allow the Development Bank of Jamaica (DBJ) to restructure the cross currency swap with Citibank N.A. to provide money for the National Road Operating and Construction Company (NROCC) to fund the Highway 2000 project.
The measures include the purchasing of Highway 2000 bonds issued by a Venezuela bank on NROCC, and the issuing of new long-term Government of Jamaica bonds in the local and international financial markets.
On July 26, the Cabinet gave approval for the purchasing of 204 million Euros in bonds from the Venezuelan Bank.
It’s part of a proposal to refinance the loan made by the DBJ on behalf of NROCC.
Under the proposal, the DBJ is seeking to refinance its arrangements with the lending institution, Banco de Desarrollo Economico y Social de Venezuela, for the full amount.
NROCC is the state-owned company that is responsible for the construction, operation, maintenance and financing of Highway 2000.