Gov’t Signs US$12Mn World Bank Loan Agreement for Kingston Waterfront Improvement Project

• The Government of Jamaica (GOJ) signed a US$12Mn loan agreement with the World Bank Group’s International Bank for Reconstruction and Development (IBRD) for the Kingston Waterfront Improvement (KiWI) Project.
• The signing ceremony occurred on Friday (October 18) at the Ministry of Finance and the Public Service in Kingston.
• The KiWI Project involves the design and implementation of a modern park along the waterfront over five years. The park is intended to aesthetically enhance the downtown space and revitalise business interests in the area while fostering community development.
• Speaking during the signing ceremony, Finance Minister, Dr. the Hon. Nigel Clarke, disclosed that the project’s overall cost is US$40 million, with the Government providing joint financing.
• He emphasised that the project will benefit significantly from the World Bank’s technical support, highlighting that Jamaica lacks the kind of expertise required to execute the initiative.
• “By making such a significant investment [in] downtown [Kingston] to put a park, it is going to incentivise commercial developers. Real estate developers will follow behind this investment of the Government and, in so doing, revitalise the space of downtown,” he added.

(Source: JIS)