Nearshore Americas

Jamaica’s Development Bank Targets $20 Million in ICT Financing

BY STAFF REPORT

The Development Bank of Jamaica (DBJ) has reportedly agreed to finance construction of infrastructure facilities for ICT companies which the Jamaican government believes will generate up to 10,000 jobs over the next three years.

In her recent national broadcast, Prime Minister Portia Simpson Miller said the Bank had set aside US$20 million to finance the construction.

According to the prime minster, Factories Corporation of Jamaica (FCJ) has set about building 300,000 square feet of space for ICT and logistics related activities and the construction is slated to be completed in three year’s time.

This is just the latest ICT investment project in Jamaica. The Caribbean country has been strengthening its infrastructure as it is determined to draw an increasing number of outsourcing companies into its territory.

According to local newspapers, Jamaica is also pursuing energy diversification and conservation strategies, and the Jamaica Public Service Company is getting ready to spend over US$630 million in power plant and renewable energy projects.

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Analysts have described the move as a major step towards easing the chronic power shortage in the Caribbean country.

Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

2 comments

  • With regard to the state of electricity in Jamaica, the country rarely experiences power shortages, and "chronic power shortages" are non-existent for both for domestic and commercial users. Save and except the odd shceduled maintenance, accident, or effects of a disaster, regular blackouts and load shedding are not something that the average Jamaican is familar with…

    This ability for the local power companies to provide a continuous and regular supply of electricity islandwide, is one of the Jamaica's distinct advantages versus other locations, particularly for the outsourcing sector, where 24-hour operations are the norm.

    The diversification and conservaton strategies mentioned in the article are prudent practices to reduce the Jamaica's reliance on non-renewable fuel, and to ensure that electricty continue to remain affordable into future.

    The anticipated investment by the incumbent power company, JPSCo, is primarily to ensure that adequate capacity is available to satisfy future demands, and to faciliatte the replacement of old plant and for more efficient power generation.

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