Business Environment Being Strengthened
By: , February 28, 2023
Photo: Rudranath Fraser
Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, tables the 2023/24 Estimates of Expenditure in the House of Representatives on February 14.The Full Story
Work will continue under the Jamaica Foundations for Competitiveness and Growth Project during the upcoming fiscal year, to strengthen the business environment for private-sector investment.
A sum of $435.8 million has been earmarked for the undertaking in the 2023/24 Estimates of Expenditure, now before the House of Representatives.
It aims to enhance competition in the business environment, facilitate strategic private investments, strengthen the capabilities of small and medium-sized enterprises (SMEs), and finance policy and societal learning through project implementation and monitoring and evaluation.
The project, which initially ran from September 2014 to June 2020, was extended to June 2022 and again to March 2024.
Achievements up to December 2022 included disbursement of 155 loans, totalling $2.55 billion, to 140 SMEs; provision of grants amounting to $421 million to 370 micro, small and medium-sized enterprises, and development of an information technology platform for design specification report (system design document) for the National Business Portal.
Programmed activities for 2023/24 include completion of the National Business Portal IT platform, development of an Inclusive Growth Index Framework, and completion of the Ministry of Finance and the Public Service’s Public-Private Partnership (PPP) capabilities.
The project is being implemented by the Ministry of Industry, Investment and Commerce, Development Bank of Jamaica, Planning Institute of Jamaica, and Jamaica Promotions Corporation with World Bank funding.