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Hon. Nigel Clarke, DPhil., MP, (2nd left) Minister of Finance and the Public Service and Lilia Burunciuc (2nd right), World Bank Country Director for the Caribbean Countries sign a loan agreement to support the Jamaica Social Protection for Increased Resilience and Opportunities Project during a visibility ceremony at the ministry on Tuesday, June 11, 2024. Looking on are Collette Roberts Risden (left), Permanent Secretary, Ministry of Labour and Social Security and Dr. Jaime Saavedra Chanduvi (right), World Bank Human Development Director for Latin America and the Caribbean Region.
Kingston, Jamaica: Friday, July 26, 2024
The Government of Jamaica, through Harmonisation Limited, an entity within the portfolio of the Ministry of Finance and the Public Service, entirely owned by the Government of Jamaica, has entered into a definitive framework agreement with Tavistock Group Inc. (Tavistock Group) for the development of Harmony Cove as a major integrated resort in Trelawny.
The large-scale investment by Harmony Cove Limited is expected to be a transformative project for the hospitality sector in Jamaica. Tavistock Group has indicated that the investment capital and start-up costs associated with the project will be approximately US$1 billion. The joint venture partners are the government-owned Harmonisation Limited and Tavistock Group.
The joint venture agreement for development of Harmony Cove has been significantly revised and updated to reflect a balance of responsibilities and interests between the Government of Jamaica and global private investors who bring an established track record in large scale resort development. The agreement now includes a defined timeline with development milestones.
Tavistock Group and Harmonisation Limited will begin work immediately – through Harmony Cove Limited — with the appointment of leading global architectural, engineering, and construction management firms to finalise and implement the agreed development plan.
Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke commented: “We are pleased that the parties were willing to update the agreements to reflect the current fiscal environment, while re-affirming the commitment to bringing this landmark investment to Jamaica.
The arrangement stands as evidence of the attractiveness of Jamaica as a destination for investment and development. Our hope is that this project and its structured framework for working with government, will catalyse other comparable large-scale projects in the future.”
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For further information contact:
Ministry of Finance and the Public Service
30 National Heroes Circle
Kingston 4
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The Hon. Nigel Clarke, D.Phil., MP
Minister of Finance and the Public Service
30 National Heroes Circle, Kingston 4
Tel: (876) 932-4656 / 4660 / 4655
Eml: opedjamaica@gmail.com
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