Project to Further Strengthen Business Environment Gets $676 Million

Jamaica’s business environment is to be further strengthened during the upcoming fiscal year with the implementation of several programmed engagements, for which the Government has earmarked just over $676 million.

The sum has been budgeted for the Jamaica Business Environment Reforms Project, details of which are outlined in the 2023/24 Estimates of Expenditure, tabled in the House of Representatives by Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, on Tuesday (February 14).

The project, which commenced in October 2021, aims to boost the local business environment for private-sector investments by enhancing competition in the ecosystem, and implementing, monitoring and evaluating the undertaking.

Achievements up to December 2022, include establishment and operationalisation of three project management offices and completion of best practices report for legislative amendment to the Local Improvement Act.

Programmed activities for 2023/24 include upgrading the National Geospatial Data Repository and finalising a National Sourcing and Services Policy for Jamaica.

The project is being jointly implemented by the Ministry of Industry, Investment and Commerce, Development Bank of Jamaica, Planning Institute of Jamaica, and Jamaica Promotions Corporation.

The Government of Jamaica and World Bank are co-funding the project, which is slated to end in March 2024.

However, an additional $696.9 million has been earmarked to undertake activities in fiscal year 2024/25, if necessary.