$3.8 Million for Business Environment Framework Reform

A sum of $3.8 million has been earmarked in the 2014/15 Estimates of Expenditure, tabled in the House of Representatives, to enable the Ministry of Industry, Investment and Commerce, to continue to reform the framework facilitating the ease of doing business in Jamaica.

The 16-month project, being implemented by the Jamaica Promotions Corporation (JAMPRO), aims to increase consensus and focus on strategic interventions, to promote private sector development.

This involves strengthening the legislative framework to improve stakeholder access to financing, and streamlining the business registration and bankruptcy processes in Jamaica, in order to improve the business climate.

Work, which commenced in September 2013, has up to February 2014, resulted in Security Interests in Personal Property (SIPP) Act being passed; tabling of the Insolvency Bill in Parliament, in December 2013; and the launch of the National Collateral Registry and Business Superform in January 2014.

It is anticipated that the project, which runs until January 2015, will see a National Public Relations Programme for Secured Transaction Framework, being launched during 2014/15.

Funding is being provided under Compete Caribbean, a joint regional initiative involving the Inter-American Development Bank (IDB), the Canadian International Development Agency (CIDA) and United Kingdom’s Department for International Development (DFID).

Jamaica is one of 15 Caribbean beneficiary countries.