Shaw Urges Increased IDB Support for Jamaica’s Agriculture and Energy Sectors

Minister of Finance and the Public Service, the Hon Audley Shaw, met Thursday (October 8) with Inter-American Development Bank (IDB) President, Luis Alberto Moreno, in Madrid, where he encouraged increased IDB support to Jamaica, particularly in the areas of agriculture and energy, in addition to policy based loans.
His call came in the context of the 98th Meeting of the Committee of the Board of Governors of the IDB considering, among other things, a proposal for an increase in the capital of the IDB to support its development assistance agenda.
Recognizing the substantial support of the IDB to Jamaica in various areas, including growth sustainability, transport infrastructure, water and sanitation, Mr. Shaw advocated an expanded development assistance envelope to Jamaica to facilitate further investments in agriculture and energy.
He cited the fresh and processed foods sectors, as areas that offer vast potential for expansion, as the markets in tourism and the Caribbean Diaspora offer many opportunities, through linkages and demand for ethnic foods. He also highlighted the need for greater support in energy, given the increased focus on the sector, amidst efforts to reduce dependence on high oil imports and the high costs of production.
The Finance Minister also noted that the IDB and other multilateral agencies’ support in these areas would advance efforts to increase the country’s competitiveness and efficiency, as well as the pursuit of further diversification of the economy and reduced vulnerability.
Mr. Shaw expressed Jamaica’s full support for a General Capital Increase in the resources of the IDB, to enable the organization to play an enhanced role in the sustainable economic development of Jamaica and the countries of the region.