The Inter-American Development Bank (IDB) and the Government of Jamaica have signed a Project Preparation Facility (PPF) Technical Assistance agreement to generate a pipeline of investment projects in Jamaica. The total project is valued at US$1.25 million.
The technical assistance agreement aims to increase infrastructure investment, promote good practices in project preparation, and produce value for money for government and infrastructure-based service users. It will focus on creating environmentally sustainable, bankable, and fiscally responsible public-private partnership (PPP) projects. The initiative will be executed by the Development Bank of Jamaica in partnership with IDB.
The PPF will accomplish two objectives: first, it will select projects that will have a positive impact on society and are feasible from commercial, environmental, and technical perspectives. Second, it will deliver the best internationally available expertise to structure those contracts that have been prioritized so they can deliver value for money for government and service users.
Speaking on the initiative, Anton Edmunds, General Manager of the Caribbean Country Department and Jamaica’s Country Representative at the IDB said, “The implementation of strong PPP projects is key to strengthening Jamaica’s economic and social development. The IDB is therefore pleased to continue and strengthen this partnership with the government to encourage the creation, structuring, and successful execution of impactful projects that will improve the country’s infrastructure and services, and the lives of the Jamaican people.”
At the signing ceremony, Dr the Honourable Nigel Clarke, Jamaica’s Minister of Finance and the Public Service said, “The infrastructure needs of Jamaica far outstrip the financial and fiscal capacity of the government. In order to address these infrastructure needs, in some cases, we will have to use modalities other than government financing. One of the primary modalities will be through Public Private Partnerships (PPPs). The Project Preparation Facility we launch today with US$1.25m overall, includes US$500k from the GOJ and US$750k in grant funding from the IDB that will be set aside to assist in the development of PPP projects that can then be brought to market for private financing. We are grateful to IDB for partnering with us on this in full knowledge that this is still only the beginning.”
This initiative is part of the IDB Group’s country strategy for Jamaica which highlights facilitating private sector investment as a major priority, and supports the government’s objective of faster inclusive growth.
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For further information contact:
Ministry of Finance and the Public Service
30 National Heroes Circle
Kingston 4
Press Release provided by IDB.
