JIS News

The Government has signed loan agreements with the Inter-American Development Bank (IDB), totalling US$31 Million (J$2.7 billion), to cover justice and road improvement programmes.
Minister of Finance and the Public Service, Hon Audley Shaw, signed both agreements on Wednesday (December 16). They cover: the Citizens Security and Justice Programme II; and the Road Improvement Programme.
Mr. Shaw welcomed the loans, stating that they would greatly assist the Government’s effort to implement crime reduction programmes and improve the country’s road network.
The Citizens Security and Justice Programme II Loan, which is for US$21 million (J$1.9 billion) will be used to finance strategic initiatives and interventions geared towards reducing the level of major crimes and interpersonal violence. The Ministry of National Security will be the executing Agency. The loan conditions are as follows: grace period, 4 years; interest, 1.32 %; amortisation, 25 years.
The Road Improvement Loan, totalling US$10 million (J$89.6 million), will be used to enhance mobility and safety; improve accessibility, lower transport costs and reduce accident rates through the improvement and maintenance of the nation’s roads.
The National Works Agency (NWA), through the Ministry of Transport and Works, will be the executing agency. The loan conditions are as follows: grace period, 5 years; interest, 1.32 %; Amortisation, 25 years.
Ambassador Richard Bernal and Gerard Johnson led the IDB team at the signing, which took place at the Ministry’s National Heroes office in Kingston.

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