The FINANCIAL — Existing and new businesses operating in Jamaica will benefit from streamlined regulations and processes, public-private partnerships, as well as training and access to financing as a result of a US$ 50 million loan for the Foundations for Competitiveness and Growth Project, approved by the World Bank’s Board of Directors.
“This project complements Jamaica’s fiscal and monetary measures by supporting efforts within the public sector to enhance competitiveness among Jamaican enterprises,” said Dr. Peter Phillips, Jamaica’s Minister of Finance and Planning. “Creating the environment for innovation and enterprise will afford many vulnerable citizens real opportunities to earn their way out of poverty and marginalization,” he added.
Jamaica ranked 23rd out of 189 economies in the category of starting a business, but is placed 168th in paying taxes, according to the 2014 World Bank “Doing Business” report. The cost for shipping a 20-foot container of goods from Kingston Port is estimated at US$ 1,530 compared to a Caribbean average of US$ 1,100 or US$ 630 in Dubai. However, the expansion of the Panama Canal in 2016 and the Government of Jamaica’s Logistics Hub Initiative offer new opportunities for private sector-led growth.
“This project is an essential building block to boost Jamaica’s competitiveness and private sector development,” said Sophie Sirtaine, World Bank Country Director for the Caribbean. “By reducing the time needed to register a new business or obtain a construction permit, and providing access to training and credit, small businesses will be able to grow and large companies will be interested in making strategic investments,” she added.
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