Growth and Competitiveness Project Gets $450 Million

A sum of $450 million has been allocated in the 2015/16 Estimates of Expenditure, now before Parliament, to continue implementation of the Jamaica Foundations for Competitiveness and Growth project.

The allocation represents a $410 million increase for the project, which started in September 2014, and aims to strengthen the enabling environment for private sector competitiveness to help boost productivity and growth.

This will be done by enhancing competition in the business environment; facilitating large scale private investment; supporting small and medium enterprise capability, and providing financing essential to boosting private sector productivity, upgrading, and job growth; and financing policy and societal learning through project implementation, and monitoring and evaluation.

Achievements up to December 2014 include: the signing of an agreement with one approved financial institution to disburse $300 million in grants and concessionary loans to small and medium enterprises; and recruitment of a Project Director, Financial Management Specialist, Administrator, and three Component Coordinators.

Targets for 2015/16 include:  the commencement of disbursement of the $300 million; commencement of  a business census at a cost of $15 million; commencement of the development applications review process – $10.2 million; development of a business plan for the creative industries – $3 million; commencement of the drafting of the Logistics Hub Initiative Master Plan – $20 million; and commencement of a feasibility study on the proposed Caymanas Economic Zone – $30 million.

The project, slated to end in June 2020, is being jointly implemented by the Ministry of Industry, Investment and Commerce; Jamaica Promotions Corporation (JAMPRO); Planning Institute of Jamaica (PIOJ); and Development Bank of Jamaica (DBJ).

Funding is being provided by the World Bank.