The Government of Jamaica and the World Bank developed the new Country Partnership Framework (CPF), which defines the Bank’s engagement for the period 2024 to 2027. The CPF was approved in May 2024 and focuses on advancing green, resilient, and inclusive development, while also supporting the government’s efforts toward debt reduction and fiscal resilience under three priorities: boosting human capital, creating higher-quality jobs, and strengthening resilience to shocks.
The strategy foresees investments of US $550 million in the next four years, outlining a comprehensive plan of technical and financial assistance, targeting: improving access to quality secondary education, boosting social protection coverage, strengthening the business environment and access to finance, increasing access to agricultural markets, strengthening disaster risk management, and improving Jamaica’s response to economic shocks.
As of October 2024, the World Bank portfolio for Reconstruction and Development (IBRD) portfolio consists of five (5) operations and amounts to $117 million. The projects support the critical areas of human capital development, finance (focusing on medium and small businesses), competitiveness, innovation; rural development and the environment, urban infrastructure and development/renewal, and social protection.
This program is complemented by Advisory Services and Analytics, focusing on health, social protection, and jobs, as well as regional initiatives, focusing on renewable energy, climate resilience, and connectivity.
The International Finance Corporation (IFC) is providing support to the government in accelerating the development of infrastructure projects leveraging Public-Private Partnership (PPP) arrangements. A PPP is a collaborative arrangement between the government and private sector to finance, build, and operate infrastructure projects. In a PPP, the government typically partners with private companies to leverage their expertise, efficiency, and funding. This approach can help accelerate the development of public infrastructure—such as roads, hospitals, or schools—while sharing both the costs and risks associated with these projects.
The Memorandum of Understanding, signed recently between the Government and IFC, establishes a strategic framework to scale up PPPs through a programmatic approach. The agreement contemplates five PPP transactions for roads and water projects, including the North Coast Roads Highway and the National Broadband Network. Preparation of another five PPP transactions for projects in healthcare, water and sanitation, and renewable energy is underway.
Last Updated: Nov 19, 2024
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Publish date : 2024-10-27 08:49:00
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Author : theamericannews
Publish date : 2024-12-05 03:02:30
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