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Jamaica: World Bank Approves Additional US$10 Million To Aid Businesses

The World Bank has approved additional financing of US$10 million for the ongoing Jamaica Foundations for Competitiveness and Growth Project.

The additional financing will be used to scale up support for the Government of Jamaica’s business climate reform agenda and contribute to Jamaica’s economic recovery by improving the business environment.  

“This additional financing will support initiatives that encourage business growth in Jamaica and strengthen the environment for private sector investment. These changes are more critical now than ever, as the private sector has been hit hard by the economic and social impacts of COVID-19. The additional financing will help Jamaica build back better through support for reforms to make it easier to do business, which will benefit local entrepreneurs,” said Ozan Sevimli, World Bank Resident Representative for Jamaica and Guyana.  

According to the bank, Jamaica is facing significant challenges from the COVID-19 crisis, and the Government has adopted a series of measures to address the deteriorating economic and social situation.

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SOURCE: The Gleaner

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