IFC and GOJ sign MOU to scale up Public-Private Partnerships 

• International Finance Corporation (IFC), a member of the World Bank Group, concluded a Memorandum of Understanding (MOU) with the Government of Jamaica (GOJ) to streamline the development and execution of key infrastructure projects across various sectors in the Caribbean nation.
• The MOU, signed in Kingston on September 3, 2024, by IFC’s Managing Director, Makhtar Diop, and Jamaica's Minister of Finance and the Public Service, Hon. Nigel Clarke, establishes a strategic framework to scale up Public-Private Partnerships (PPPs) through a programmatic approach.
• The agreement includes five PPP transactions for roads and water projects, and negotiations are underway for Transaction Advisory Services Agreements between the parties. Additionally, there are plans for the preparation of five more PPP transactions for projects in healthcare, water and sanitation, and renewable energy.
• "Leveraging IFC's experience and expertise, we are setting the stage for a new era of programmatic engagement in PPPs," said Minister Clarke. "Designed to increase market interest and capacity, this new approach will allow the Government of Jamaica to attract top quality bidders and deliver infra solutions that will improve the quality of life for the Jamaican people."
• According to Diop, "The framework, encompassing multiple PPP projects to be executed concurrently, is expected to contribute over US$2.0Bn in private sector investment to Jamaica in the next few years and, ultimately, deliver better opportunities for the people of this country."
• The programmatic approach includes multi-sector projects prepared under single or grouped mandate agreements to enhance efficiency and results. It builds on previous PPP engagements to accelerate the development of critical infrastructure. IFC advised the Government of Jamaica on the successful concession of the Norman Manley Airport in 2018, with financial close achieved in 2019. Currently, IFC is supporting authorities in the development of three road projects on the North Coast Highway and the National Broadband Network project.
• In the last 10 years, IFC, which is the largest global development institution focused on the private sector in emerging markets, has invested to boost the private sector’s role in Jamaica’s productivity, inclusion, and sustainability. In addition to its extensive work in PPPs, the institution is currently targeting investments in the energy and financial sectors.  

(Source: The International Finance Corporation)