Gov’t To Sign MOU with Investor for Development of Logistics Hub

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The German-Austrian owned Krauck Group is to invest 5-billion US dollars to implement aspects of the government’s logistics hub initiative.

That’s an investment equivalent to 5-hundred-and-76-billion Jamaican dollars!

Industry Minister, Anthony Hylton told a press briefing this morning that this represents the largest investment in Jamaica’s history.

Minister Hylton says he’ll be signing a Memorandum of Understanding, MOU, with the principals of Krauck, on Monday at Jamaica House.

Minister Hylton says Krauck is interested in the proposed developments at Vernamfield in Clarendon, the Caymanas Special Economic Zone in St. Catherine and the construction of a dry dock.

The Minister says the MOU will facilitate the start of detailed discussions between Krauck and the Government, to determine the specific projects which will form part of the investment package.

Minister Hylton says the investment is the result of the hard work done by his team to build capacity and set the foundation for the delivery of the Logistics Hub.

Meanwhile the Krauck Group has reportedly secured financing for the project from the New York based Anchor Financial Group.

Anchor is involved in financial consultancy, trade finance, project financing, real estate finance, syndications, structured finance and venture capital.

The group has strategic partnerships with several leading multinational banking companies, including JP Morgan Chase, Deutsche Bank, Merrill Lynch International and the Wall Street Banking Corporation.