JIS News

Vice President of Operations of the Caribbean Development Bank (CDB), Desmond Brunton has said that the Bank would continue to lend its technical and financial support to Jamaica as it sought to help to improve the status of the most vulnerable, by increasing economic opportunities through capacity building.
Mr. Brunton was addressing the launch of the construction phase of the Seven Rivers Irrigation project, in Seven Rivers, St. James on Friday (March 3).
He described the Irrigation Project as an excellent example of a country’s development strategies, which was consistent with those of the CDB.
The Vice President said the project would help to reduce and improve the status of the most vulnerable, by increasing economic opportunities for the poor.
The Seven Rivers Irrigation project is one of three such flagship projects being implemented under the government’s National Irrigation Development project, which is funded through loan financing from the CDB.
He pointed out that given the Bank’s objective to address poverty reduction, it was always ready and willing to assist development projects within its borrowing member countries, through the provision of technical assistance and financial resources.
“Since its inception in the early 1970s, the Bank has approved loans and grants totaling close to half a billion United States dollars to Jamaica. Of this roughly US$20 million went directly to the private sector, and the bulk of around US$ 470 million was provided to the public sector for projects such as this,” he stated.
He also outlined some of the other projects with which the CDB was involved throughout the island.
These he said included emergency works and rehabilitation of flood damage; citrus replanting dealing with the citrus virus; the Jamaica Social Investment Fund (JSIF); fifth industrial line of credit to the Jamaica Development Bank (JDB); the Enhancement of Basic Schools project; technical assistance to the University of Technology and the North Coast Highway Improvement Project, which was approved late last year.