Private-Sector Collaboration Will Be Key in NaRRA’s Rebuilding Efforts

Minister of Finance and the Public Service, Hon. Fayval Williams, has underscored that the private sector will play an integral role in the work that will be undertaken by the National Reconstruction and Resilience Authority (NaRRA) to fast-track the national rebuilding effort in the aftermath of Hurricane Melissa.

Mrs. Williams was responding to questions regarding avenues for investments on the island, during Mayberry Investments Limited’s Virtual Investor Forum on Wednesday (February 4).

The Minister pointed out that of the US$6.7 billion financing package that was announced by multilateral financial institutions in support of Jamaica, US$2.4 billion was earmarked for the private sector.

The US$6.7 billion in development financing is being provided through CAF-Development Bank of Latin America and the Caribbean, Caribbean Development Bank (CDB), Inter-American Development Bank (IDB) Group, International Monetary Fund (IMF), and the World Bank Group over three years to strengthen Jamaica’s recovery and reconstruction efforts.
Prime Minister, Dr. the Most Hon. Andrew Holness, has explained that the financing will be channelled through the NaRRA.

Mrs. Williams emphasised that the reconstruction and rebuilding that is required in the aftermath of the hurricane cannot be done by the Government alone.

“Government should identify those projects that can produce a stream of cash flows, projects that are bankable to the private sector and have the private sector come in,” she stated.

She pointed out that Jamaica has already seen private-sector investment in water through a public-private partnership (PPP) which has unlocked $14.2 billion for projects that will ensure that all Jamaicans have access to potable water and sanitation by 2030.

“There are so many projects, I believe, that the private sector can play a role in, and I’d love to see them engage with the Prime Minister through the NaRRA as the Prime Minister prioritises the big projects that we have to do,” the Finance Minister stated.

Mrs. Williams noted that discussions are advanced with members of the Cabinet and technical experts regarding projects to be undertaken, “so the next step would be to prioritise those and begin the procurement process in terms of finding the appropriate partners and investors to come in”.

Meanwhile, with Jamaica facing at least two years of negative growth, the Finance Minister emphasised the need for expanding industries and creating new ones to accelerate growth.

“We have to look at new industries or making the existing ones grow faster… There is a lot of potential in agriculture, not just in planting and reaping, but we have been talking about going higher up in the value chain,” she stated.

Mrs. Williams noted that the Government has made major investments in ensuring that agricultural areas have proper irrigation and that there is adequate storage for produce.

She expressed hope that these investments will result in businesses going higher up the value chain and engaging in more agro-processing and exporting.

“There are many things that can be done in the economy. It requires investment, and with this opportunity, with the funds that we have access to, we are going to use it and ensure that we get higher growth,” Mrs. Williams added.