Minister of Finance and the Public Service
The Restructuring of Public Sector Compensation
Kingston, Jamaica: Thursday, October 13, 2022
Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke signed a Financial Advisory Services Agreement (“FASA”) with International Finance Corporation’s (“IFC”) Managing Director Makhtar Diop, for the development of the North Coast Highway Project which has an investment value of approximately US$800 million. The Financial Secretary, Director General of the Planning Institute of Jamaica (PIOJ) as well as other senior members from IFC were also present. This is further to the MOU signed between the GOJ and the IFC in April regarding the same project.
Minister Clarke noted, “Last year we signalled that the GOJ would leverage the improvement in Jamaica’s macro-economy to utilise an improved modality for highway infrastructure procurement that is open, competitive and transparent. With enhanced fiscal credibility and entrenched stability, Jamaica is now in a position to put together a complex transaction of this nature with the realistic prospect of attracting large international firms to compete for this kind of opportunity. We are pleased to enter into this definitive agreement with the IFC whereby they will advise the GOJ on the structuring and execution of this ‘game-changing’ transaction.”
The FASA details that IFC will provide a full-service advisory that will assist the government in all steps of project structuring and implementation to successful closure of the expansion, improvement and maintenance of the Mammee Bay to Salem (12.3km), Seacastles to Greenwood (6.8km) and Greenwood to Discovery Bay (40.7km) road segments. These services include carrying out detailed technical, legal, financial environmental and social studies, designing the bidding process and implementing a competitive tender that results in a bankable project for investors that meet clear public sector goals.
In addition, working with the IFC may also allow the GOJ to access grant resources that can help finance the cost of this advisory service. The IFC has advised on several innovative and “first” road PPP transactions and since 2004, has closed over 140 PPP transactions in 55 countries, leading close to 34 billion dollars of private financing.
Martin Spicer, IFC’s Regional Director for the Caribbean, Mexico, Colombia and Central America said, “This project will open new paths for Jamaica’s social and economic development.”
He added, “IFC has extensive expertise in public-private partnerships for large infrastructure projects, and we are confident that this project will be an important boost for tourism and open up new areas for economic development in Jamaica.”
The signing was done during the International Monetary Fund/World Bank Annual Meetings being held in Washington DC, USA, where Minister Clarke is also meeting with other multilateral partners on Jamaica’s economic programmes, as well as with international credit rating agencies and investment banks.
-end-
For more information contact:
Corporate Communication & Public Relations Branch
Ministry of Finance and the Public Service
30 National Heroes Circle
Kingston 4
Tel: (876) 932-4656/4660/4655
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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