JIS News

The Factories Corporation of Jamaica (FCJ) has provided $55 million in assistance to clients affected by the COVID-19 pandemic, particularly those in the productive sector.

Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Hon. Everald Warmington, who made the disclosure while making his contribution to the 2021/22 Sectoral Debate in the House of Representatives on May 5, said 42 of the 119 clients have directly benefited from these initiatives.

The assistance includes a three-month moratorium on rent for companies that had experienced significant decline in business. Special assistance was also provided to companies previously experiencing problems.

Mr. Warmington said some $40 million was spent under these initiatives.

In addition, there was a waiver of the annual rental increases for one year (April 1, 2020 to March 31, 2021). This amounted to approximately $15 million.

Notwithstanding the COVID-19 pandemic, Mr. Warmington said the Corporation was able to progress with its projects.

“The company is in a healthy financial position and was able to maintain this healthy position while ensuring that tenants were able to remain viable and staff remain well protected. The Corporation implemented the necessary measures to keep the staff engagement up,” he said.

Based on unaudited results, Mr. Warmington said the occupancy levels of available space moved from 93 to 98 per cent during the 2020/2021 period and profits grew from $487 million to $523 million as at January 2021.

“These are some of the major infrastructural accomplishments for the FCJ for the fiscal year 2020/2021,” he said.

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