JIS News

Cabinet yesterday (Jan. 16), approved the compulsory acquisition of land at 6 Kensington Crescent by the Students’ Loan Bureau (SLB) for parking purposes.The lot, acquisition for which has been approved under the Land Acquisition Act, is to be acquired at a maximum cost of $13 million.
Making the announcement at the weekly post Cabinet press briefing at Jamaica House, Information Minister, Senator Burchell Whiteman explained that, “the justification for this is that not to have those particular premises for parking purposes would substantially increase the cost of establishing their (SLB) building, because then they would have to create underground parking at considerable cost. So this approval supports the work of the Students’ Loan Bureau and is justified on the grounds of minimizing the cost of creating the new premises”.
Approval has also been granted for adjoining premises at 41 Old Hope Road, for the purpose of office space. The construction of its own offices is with a view to eliminating excessive rental as well as, Senator Whiteman said, to improve its physical environment, as the SLB sought to provide better service, enhance its output and improve public image.
Senator Whiteman pointed out that the compulsory acquisition process was supported by legislation, which justified such acquisition for the SLB.
The SLB is Jamaica’s premier student loan financing organization ensuring that qualified, needy Jamaican students have equal access to financial assistance to pursue tertiary education. The Bureau began operation in 1970, and was made a statutory body in 1971. It was empowered to issue loans covering a percentage of tuition fees to Jamaican students pursuing higher education at tertiary institutions.