$330 Million Allocated For Business Environment Reforms Project

A sum of $330 million has been budgeted to continue work on the Jamaica Business Environment Reforms Project.

The funds have been set aside in the 2022/23 Estimates of Expenditure, which were tabled in the House of Representatives on Thursday (February 10), by Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke.

The project, which commenced in October 2021, aims to strengthen the business environment for private sector investment.

This is through, among other things, providing technical assistance and implementation support to address critical business competition and regulatory issues, and strengthening the capacity of one of the implementing entities – the Planning Institute of Jamaica (PIOJ) – to manage, monitor and evaluate project activities.

The sum allotted for 2022/23 will go towards developing recommendations and drafting instructions for legislative amendments to the Local Improvement Act; developing a national supply chain and market penetration strategy; commencing the development of building codes for Bureau of Standards Jamaica; and implementing a mediation framework and action plan.

The project, which is slated to run until December 2023, is jointly funded by the Government of Jamaica and World Bank.

The other implementing entities for the Business Environment Reforms Project are the Ministry of Industry, Investment and Commerce, Jamaica Promotions Corporation (JAMPRO), and Development Bank of Jamaica (DBJ).