Government of Jamaica
The Restructuring of Public Sector Compensation
Kingston, Jamaica: Tuesday, May 2, 2023
High-level representatives from the International Finance Corporation (IFC)—a member of the World Bank Group (WBG)—participated in a symposium with the Government of Jamaica to discuss the country’s Public-Private Partnerships (PPP) program, including projects in the urban transportation, roads, healthcare and water.
With opening remarks from the Minister of Finance and the Public Service of Jamaica, Dr. Nigel Clarke and the IFC Vice President for Europe, Latin America and the Caribbean, Alfonso García Mora, the first day of the symposium included presentations by Jamaican Government authorities and discussions on market perspectives, as well as sector-specific opportunities. The event will continue tomorrow with further conversations about projects and next steps.
“This symposium is a crucial step towards advancing Jamaica’s PPP agenda, and the Government of Jamaica looks forward to more fruitful discussions with key stakeholders, such as IFC, to drive growth and development in the country,” said Minister Clarke.
“Jamaica is a priority country for IFC, and we are pleased to be a partner concerning PPPs, particularly as the Government has demonstrated enormous leadership in advancing this agenda,” said García Mora in the context of his first visit to the Caribbean as IFC Regional Vice President.
Last year, during the Annual Meetings of the International Monetary Fund and the World Bank Group, Minister Clarke and IFC Managing Director Makhtar Diop signed a Financial Advisory Services Agreement for the development of the North Coast Highway Project, which has an investment value of approximately US$600 million. As part of this engagement, IFC is committed to providing transaction advisory services to the Government of Jamaica and structuring and implementing a competitive tender process to mobilize a private operator that will design, build, finance, and operate three brownfield roads.
As part of another PPP engagement, in 2016 IFC was the transaction advisor for the successful 25-year concession of the Norman Manley Airport in Kingston.
In the last 10 years, IFC has invested US$167 million in Jamaica to boost the role of the private sector and foster productivity, inclusion, and sustainability. The institution’s current portfolio includes investments in the financial and technology sectors. On the advisory services and upstream side, IFC is working on ICT, financial inclusion, and agriculture in addition to the PPP work.
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
For more information contact:
Ministry of Finance and the Public Service
30 National Heroes Circle
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
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