Gov't signs deal with IFC to boost public-private partnerships

 

The government has signed a memorandum of understanding (MOU) with the International Finance Corporation (IFC) to boost public-private partnerships.

 

The deal, formalised on Tuesday morning, will see the World Bank member organisation providing advisory services, as the country looks to secure investors for various projects.

 

The IFC is set up to encourage private-sector development in smaller countries.

 

Finance Minister Dr. Nigel Clarke said a number of areas have already been identified, with about 10 projects in the pipeline. 

 

"The portfolio approach allows us to achieve economies of scale in some of the administration and some of the approvals that have to happen at the IFC front. The roads is there. We have technology with broadband. We have multiple projects in the water sector. We have the healthcare sector with the centres of excellence that Minister [Christopher] Tufton has been championing for some time in nephrology and in oncology," he noted. 

 

Dr. Clarke said Jamaica and the IFC have already been collaborating on some projects. 

 

"Certainly for the roads, we started that two years ago and the broadband we started that about a year ago. So you can expect the road project to come to market within the next 12 months, and for the broadband project to come to market probably in the 12 months after that, or 18 months after that. So let's say it's three years to develop, but we have our portfolio and they're staggered and we're working on a lot of things at the same time," he acknowledged. 

 

The advisory support will help to position the projects for open market bids, from not only local but also international firms.