World Bank approves $US35million to Jamaica

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The World Bank has approved a 35-million US or approximately 4-billion Jamaican dollar loan to enhance the country’s business climate and assist with the process of pubic sector transformation.

The loan will become due for repayment after 29 years, with a grace period of five years.

An accompanying 2-point-6-million US dollars has been provided to Jamaica, by way of grant funding, by the UK’s Department for International Development, DFID.

More in this report from Dennis Brooks.

In a statement today the World Bank says the project will improve customs administration and modernize the public sector by strengthening government capacity and effectiveness in service delivery.

The World Bank says the project builds on its ongoing efforts in public financial management and customs administration, supported by other grants from Canada and the UK’s DFID.

The World Bank’s Country Director for the Caribbean, Sophie Sirtaine says the multilateral is working with the Jamaican government to maximize the use of available resources to create a more vibrant business environment and boost the economy.

Specifically the loan will see Jamaica strengthening its Public Investment Management System and improve monitoring through citizens’ participation.

It will also involve the implementation of Results-Based Budgeting to make more efficient and strategic allocation of resources for public investments.

The loan will also provide resources for capacity building at the Bureau of Standards.