House Approves Gov’t Guarantee of Loans to NWC

The House of Representatives on (July 10) approved a government guarantee for loans to the National Water Commission (NWC), from the Bank of Nova Scotia Jamaica Limited, in the amounts of US$5.15 million and $1.28 million Euros, to assist in the financing of the Northeastern Parish Water Supply Project.
“The NWC has been implementing this project since 2004 and it seeks to improve the lines, to improve the storage facility and to provide a modern water supply system for the north coast from Negril to Runaway Bay,” said Minister of Finance and Planning, Dr. Omar Davies.
He explained that on May 30, the Lower House had approved a government guarantee for loans from a group of banks led by BNP Paribas in the amount of US$16.08 million, to finance the Martha Brae to Runaway Bay leg of the project.
He informed that there was a specific requirement for the Bank of Nova Scotia Limited to be mentioned as one of the principal banks involved in provision of the loan.
“It is within that context the honourable House is being requested to approve the provision of a government guarantee under the Approved Organizations and Authorities Loan Act for loans in the amounts of US$5.15 million and $1.28 million Euros from the Bank of Scotia Jamaica Limited to the NWC,” Dr. Davies explained.