Govt Signs $42bn Loan from China EX-IM Bank for Southern Coastal Highway Improvement

The government has signed a USD$326-million, or JMD$42-billion loan agreement with the China EX-IM Bank for the Southern Coastal Highway Improvement project.

The loan will also finance the extension of the East-West Highway from May Pen, Clarendon to Williamsfield, in Manchester.

Finance Minister, Audley Shaw, and Vice Chairman and President of the China Ex-Im Bank, Liu Liange signed the agreement.

According to a statement from the Finance Ministry, the President of the Ex-Im Bank assured Minister Shaw of the bank’s commitment to further supporting Jamaica in its economic development programme.

And, Minister Shaw also met China’s Vice Minister of Commerce, Zhang Xiangchen.

According to the Finance Ministry, there was also agreement to explore the possibility of entering into a Memorandum of Understanding for the establishment of logistics, industrial and agro parks in Jamaica.

Meetings were also held with the Chairman of the China Development Bank,on the financing of the North-South Highway and the financing of future investment projects.