Sun | May 16, 2021

Caymanas Special Economic Zone halted

Published:Thursday | March 27, 2014 | 12:15 PM

The much-touted Caymanas Special Economic Zone has been shelved by the Government.



Permanent Secretary in the Ministry of Industry, Investment and Commerce Vivian Brown has revealed that the major project would have implications for the government deal with the International Monetary Fund (IMF).



He said as a result it was decided that the process should be halted.



He was speaking during yesterday’s sitting of Parliament’s Public Administration and Appropriations Committee.



Brown said the Government has appointed an enterprise team to advise it on the way forward.



The Caymanas Special Economic Zone would have seen a joint-venture agreement between the Factories Corporation of Jamaica and the Sovereign Beijing Consortium.



The consortium was pushing for a government guarantee to seal the deal with the Factories Corporation, but Brown said such an arrangement could not be facilitated under the terms of the IMF deal.



Pressed by committee member Fitz Jackson for a specific timeframe for when the enterprise team would report to Cabinet, Brown said he did not have an answer at this time.



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