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Project to strengthen Jamaica's competitiveness gets $290.5 million


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February 2022
 
  • (3/3) The meeting was held to further streamline the initiative which forms part of the HEART Trust’s existing trai… https://t.co/jKbVKW9Lzm Posted: 3 days 18 hours ago
  • (2/3) He said the HEART Trust will play a critical role, working with and other development partners to… https://t.co/NUjg0vgv0C Posted: 3 days 18 hours ago
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Above Body

 18 Feb 2022    admin   

APPROXIMATELY $290.5 million has been earmarked to continue implementation of the Jamaica Foundations for Competitiveness and Growth Project.

The sum is programmed in the 2022/23 estimates of expenditure, now before the House of Representatives.

The project aims to strengthen Jamaica's business environment for private sector investment by enhancing competition; facilitating strategic private investments; strengthening the capacities of small and medium-sized enterprises (SMEs); and financing policy and project implementation, monitoring and evaluation.

Achievements up to December 2021 include disbursement of 155 loans totalling $2.56 billion to 140 SMEs; disbursement of grants totalling $421 million to over 370 micro, small and medium-sized enterprises (MSMEs); completion of Logistics Hub Initiative Market Analysis and Master Plan and submission to Cabinet; and conclusion of implementation plan for downtown Kingston Market and Commercial District Redevelopment.

For the new financial year, work will be undertaken to complete implementation of an Enterprise Content Management System at the Fair Trading Commission and Consumer Affairs Commission, and digitisation of the National Land Agency's land-titling records.

The project was initially scheduled to run from September 2014 to June 2020 but has since been extended and is now slated to end in March 2024.

It is being implemented by the Ministry of Industry, Investment and Commerce; Planning Institute of Jamaica (PIOJ); Jamaica Promotions Corporation (Jampro; and the Development Bank of Jamaica (DBJ), through funding from the World Bank.

Source: Jamaica Observer 

The Ministry

Welcome to the official website of the Ministry of Industry, Investment and Commerce.

The Ministry of Industry, Investment and Commerce is described as Jamaica's "Business Ministry." It's mandate is to lead the development of policies that will create growth and jobs, while achieving social inclusion and consumer protection. The Ministry, working its stakeholders is primarily responsible for business policy development, monitoring and evaluation, while giving direction and oversight to a cluster of implementing departments and agencies.

We have, therefore, placed much energy and enthusiasm into the development of this website to provide timely information on the Ministry, our agencies and programmes.

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  • (3/3) The meeting was held to further streamline the initiative which forms part of the HEART Trust’s existing trai… https://t.co/jKbVKW9Lzm Posted: 3 days 18 hours ago
  • (2/3) He said the HEART Trust will play a critical role, working with and other development partners to… https://t.co/NUjg0vgv0C Posted: 3 days 18 hours ago
  • (1/3) Senator the Hon. met with members of the , including Executive Director, Dr. Taneis… https://t.co/5D3lmlS5z6 Posted: 3 days 18 hours ago

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