Prime Minister, the Hon. Bruce Golding, has stated that persons with land titles stand a better chance of obtaining capital from lending institutions to finance business plans.
Prime Minister, the Hon. Bruce Golding
“It represents economic power; with a registered title, you can go into a lending institution, particularly now that interest rates are coming down as much as they have,” the Prime Minister said as he spoke at the launch of Second Phase of the Land Administration and Management Programme (LAMP) at the Junction Guest House, in St. Elizabeth Thursday (July 1).
“When we finish with this project in St. Elizabeth, the only people who must not have titles are those who don’t want to get a title. We are determined to create a wealth that is there, and we want to redeem that wealth that people have and put it into their hands in a transactable way,” Mr. Golding said.
Ninety two landowners were presented with registered titles which will now enable them to borrow money for investing, as well as pass the land on to their children without any uncertainty over ownership.
Mr. Golding described it as a kind of empowerment that is going to make an enormous difference to people, and improve the quality of life that they live.
“I have great hope for this project. The sooner we can avail it to more people, the sooner we can get more productive and enterprising people in Jamaica, because they will now able to convert what they had as asset into capital that can help to transform the lives of the Jamaican people,” he said.
The Government has waived the Stamp Duties and Transfer taxes that would normally become due when these persons are applying for titles. Several other fees and costs have been reduced, so that the landowners pay only a fraction of the full title costs.
The LAMP initiative is administered by the Office of the Prime Minister (OPM), through the Department of Local Government. Its primary function is land registration and assisting of persons in securing titles. Over a 24-month period, some 12,000 titles will be delivered to landowners in St. Elizabeth under LAMP.