Jamaica’s Development Bank Targets $20 Million in ICT Financing

BY STAFF REPORT

The Development Bank of Jamaica (DBJ) has reportedly agreed to finance construction of infrastructure facilities for ICT companies which the Jamaican government believes will generate up to 10,000 jobs over the next three years.

In her recent national broadcast, Prime Minister Portia Simpson Miller said the Bank had set aside US$20 million to finance the construction.

According to the prime minster, Factories Corporation of Jamaica (FCJ) has set about building 300,000 square feet of space for ICT and logistics related activities and the construction is slated to be completed in three year’s time.

This is just the latest ICT investment project in Jamaica. The Caribbean country has been strengthening its infrastructure as it is determined to draw an increasing number of outsourcing companies into its territory.

According to local newspapers, Jamaica is also pursuing energy diversification and conservation strategies, and the Jamaica Public Service Company is getting ready to spend over US$630 million in power plant and renewable energy projects.

Analysts have described the move as a major step towards easing the chronic power shortage in the Caribbean country.

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