Cabinet Approves $1.775 Billion for SLB Loan Guarantees

Cabinet has given its approval for the provision of $1.775 billion for the Student Loan Bureau (SLB), in loan guarantees to several banks participating in the Students Loan Programme.
The financial institutions include the Bank of Nova Scotia; National Commercial Bank; Citi Bank; First Global Bank; Capital and Credit Merchant Bank; Dehring, Bunting and Golding Limited; M F and G Trust; Pan Caribbean Merchant Bank; and Citi Merchant Bank.
Minister of Information and Development, Senator Colin Campbell made the disclosure yesterday (August 21), at the weekly post-Cabinet press briefing at Jamaica House.
Senator Campbell also informed that as part of Jamaica’s commitment and preparation leading up to the ICC Cricket World Cup 2007, Cabinet also approved the acquisition of 40 new ambulances at a cost of some $66 million (US$1.6 million).
“These [ambulances] have to be in Jamaica .in order to satisfy certain requirements for hosting the ICC Cricket World Cup, which is scheduled for March of next year,” he advised.
A number of Board appointments were also endorsed by the Cabinet, Minister Campbell said, noting that a new Board has been approved for the Jamaica Bauxite Mining/Bauxite Alumina Trading Company Limited. The Board is to be chaired by former Minister of Industry, Claude Clarke.
In the meantime, a new Board has been appointed for the Jamaica Promotions Corporation Limited (JAMPRO), with Peter Bunting approved as its Chairman.