Industry Modernization Project Receives $13.4 Million

The Industry Modernization Project/Productive Integration of Micro-Enterprises in Jamaica has been allocated some $13.4 million in the 2006/07 Estimates of Expenditure, which was tabled in the House of Representatives today (April 12).
The two-year project, which began in April of 2005, and was implemented by the Jamaica Business Development Centre, will assist the micro, small and medium size enterprises to make a meaningful and visible contribution to industrial and economic development by increasing their competitiveness in the agro-processing and craft sub-sectors.
Work done up to March of this year, include the signing of a project financing agreement; strengthening of product distribution channels/intermediaries; upgrading of enterprises in the craft and agro-processing sub-sectors and the strengthening of the agro-processing sub-sector’s supportive system.
Meanwhile, the anticipated target for this fiscal year should see increased sales for targeted intermediaries; a functional mechanism for the development and commissioning of commercial collections for the targeted industries; production networks established to deliver on the commissioned request, and an effective network of services institutions strengthened and equipped to deliver relevant support to the target sector.
The project is funded by the Jamaican Government and the Multi-lateral Investment Fund and has been implemented by the Ministry of Housing, Transport and Works.