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PetroCaribe fund to be used for development

Published:Thursday | April 28, 2011 | 4:45 PM

Arthur Hall, Senior Staff Reporter

The Government has decided to transform the way in which the multi-billion dollar PetroCaribe Development Fund is disbursed.

Finance Minister Audley Shaw told Parliament today that the Venezuela-backed PetroCaribe Fund will now be used to push development projects and assist entities, which are critical to the country's growth.

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Implemented approximately five years ago, the PetroCaribe Fund manages the proceeds of a Venezuelan oil facility where Jamaica is allowed to treat the sale of oil from that country as loan proceeds.

Opening the 2011-2012 Budget debate yesterday Shaw announced that at the end of March a total of US$1.5 billion or approximately J$920 billion had accrued to Jamaica under this agreement.

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The PetroCaribe fund will play a role in financing a “sustainable long term model at the Student Loan Bureau” and the Community Renewal Programme.