Caribbean News
JAMAICA: $1 Billion to Strengthen and Promote Competitiveness
#Jamaica, February 22, 2018 – Kingston – As the Government works to create an environment that will allow local businesses to thrive, a sum of $1 billion has been set aside next fiscal year for a project promoting the competiveness and growth of the sector.
The project aims to strengthen the enabling environment for private-sector competitiveness to help Jamaica unleash productivity and growth.
This will be done by enhancing competition in the business environment, facilitating large-scale private investment, supporting small and medium-sized enterprises (SMEs) capabilities and finance essential to unleash private-sector productivity upgrading and job growth, and financing policy and societal learning through project implementation and monitoring and evaluation.
The money to advance the project has been provided in the 2018/19 Estimates of Expenditure, and will go towards completing a National Investment Policy, completing a merger regime review, implementing monitoring and evaluation for development approvals, and beginning the process of amending the Fair Competition Act.
The money will also assist with starting an electronic titling initiative, installing the AMANDA Broadband Network, contributing to the development of a National Spatial Plan, providing support for consultancy on downtown Kingston’s redevelopment, providing consultancy on Kingston’s water and sewerage plans, and supporting consultancy on Falmouth’s sewerage and water systems.
So far under the project, training and sensitisation sessions have been conducted for more than 140 judges, attorneys-at-law and other insolvency professionals on the new Regime/Insolvency Act to strengthen their capacity to implement the provisions. A consultant was also engaged for the Caymanas Special Economic Zone (CSEZ) Feasibility Study.
In addition, grants of $28.9 million were issued to SMEs; eight recommended projects, totaling approximately US$2.5 million were submitted to the World Bank for approval; nine loans amounting to $92.7 million were issued to SMEs by Approved Financial Institutions (AFIs); and work commenced on a merger review and proposed amendment to the Fair Competition Act.
The project is being implemented by the Planning Institute of Jamaica (PIOJ); the Ministry of Industry, Commerce, Agriculture and Fisheries; Jamaica Promotions Corporation (JAMPRO); and the Development Bank of Jamaica (DBJ). It is receiving funding support from the International Bank for Reconstruction and Development (IBRD).
The project, which began in September 2014, is scheduled to end in June 2020.
Release: JIS
KINGSTON, April 29 (JIS):
Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Senator the Hon. Matthew Samuda, says the outcome of discussions arising from the Jamaica National Stakeholder Consultation on Climate Services and the 1st National Climate Forum (NCF-1) will assist in guiding the Government’s planning for climate change.
This, he points out, is important for climate mitigation as well as building Jamaica’s resilience.
“We look forward to the discussions that will, no doubt, take place. We look forward to the basis of planning for the Government to streamline its investments to ensure you have the tools that you need to better advise us, that the WRA (Water Resources Authority) has the tools to digitise its monitoring network, and that all of the agencies that touch our planning mechanisms have the tools. But we need to know what we are facing, and we’re guided by your expertise,” Minister Samuda said.
He was addressing the opening ceremony for the Jamaica National Stakeholder Consultation on Climate Services and the 1st National Climate Forum (NCF-1) at the Courtyard by Marriott Hotel in New Kingston on Monday (April 29).
Senator Samuda said given the fact that the climate has changed and continues to do so, investments in and collaborations on building Jamaica’s predictive and scientific capacity must be prioritised.
“Ultimately, we need to be able to assess our current climatic realities if we are to better plan, if we’re to insist and ensure that our infrastructure meets the needs that we need it to. I’m very happy that this event is happening… because this is a critical issue.
“Jamaica, last year, faced its worst and most severe drought… and this year, we’re already seeing the impacts of not quite as severe a drought but, certainly, a drought with severe impacts, especially in the western part of the country,” he said.
Principal Director, Meteorological Service of Jamaica, Evan Thompson, explained that the forum aims to, among other things, establish a collaboration platform for climate services providers and users to understand risks and opportunities of past, present and future climate developments, as well as improve inter-agency coordination of policies, plans and programmes.
Among the other presenters were Ambassador, European Union to Jamaica, Her Excellency Marianne Van Steen; Chief Scientist/Climatologist, Caribbean Institute for Meteorology and Hydrology, Adrian Trotman; and Head, Regional Climate Prediction Services, World Meteorological Organization, Wilfran Moufouma-Okia.
The Meteorological Service of Jamaica hosted the Jamaica National Stakeholder Consultation on Climate Services and the 1st National Climate Forum (NCF-1) in partnership with the Caribbean Institute for Meteorology and Hydrology and the World Meteorological Organization.
The National Stakeholder Consultation is a governance mechanism that guides how different sectors or actors work together to create products that contribute to adaptation and resilience-building. It seeks to create a road map for the development and implementation of climate services to inform decision-making.
NCF-1 aims to bridge the gap between climate providers and users. It increases the use of science-based information in decision-making and operations with the aim of generating and delivering co-produced and co-designed products and services.
CONTACT: CHRIS PATTERSON
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