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Phillips wants Cabinet to back contributions to Caribbean Development Bank

Published:Wednesday | March 26, 2014 | 1:48 PM

Jerome Reynolds, Staff Reporter



KINGSTON, Jamaica:

Finance Minister Dr Peter Phillips has asked Cabinet to approve contributions of $10.55 million to the Caribbean Development Bank.




The money will go towards the Eighth Replenishment of the Special Development Fund of the Bank.



In a ministry paper tabled in Parliament yesterday Phillips pointed out that the special fund was created to finance the concessionary operations of the Bank.



It was noted that Jamaica received loans from the Bank towards the Jamaica Social Investment Fund and projects such as the Hurricane Dean Rehabilitation and the Kingston Metropolitan Area Drainage-Rehabilitation.



The finance minister has asked the Cabinet to back a proposal of a payment of $2,637,750 over four financial years, beginning January 1, 2013.



He noted that $659,437.50 of the amount would be in annual cash payments, with the remainder being settled by way of non-interest promissory notes.



He said the first installment became due on July 31, 2013 and the three subsequent payments will be required by July 31 of each year in equal installments.



While noting that contribution to the special fund will be subjected to budgetary appropriations, Phillips said resources have been requested from the 2014-2015 budget to settle the first and second installments.



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