IFC And The Government Of Jamaica Sign MOU To Scale Up Public-Private Partnerships Through Programmatic Approach
Business
The MOU, signed in Kingston today by IFC 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 contemplates five PPP transactions for roads and water projects—for which Transaction Advisory Services Agreements between the parties are under negotiation—and the preparation of another five PPP transactions for projects in healthcare, water and sanitation, and renewable energy.
The programmatic approach, which includes multi-sector projects prepared under single or grouped mandate agreements to enhance efficiency and results, builds on previous engagements in the PPPs space 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, and is currently 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 has made several investments in Jamaica to boost the role of the private sector and foster productivity, inclusion, and sustainability. In addition to its extensive work in PPPs, the institution is currently targeting investments in the energy and financial sectors.