DBJ Has Facilitated US11 Billion in Investments Under PublicPrivate Partnership

The Development Bank of Jamaica (DBJ) has successfully completed 25 transactions under the Government’s Public-private Partnership (PPP) and Privatisation Programme since 2009, facilitating approximately US$1.1 billion in investments.DBJ Managing Director, Milverton Reynolds, said the amount includes US$303 million in sales and US$808 million in private-sector capital investments.He was speaking during a regional market sounding forum at the DBJ’s Private Equity and Infrastructure Development Conference at The Jamaica Pegasus hotel, New Kingston, on Wednesday (June 12).Notable among the portfolio of PPPs, Mr. Reynolds said, are privatisation of the Norman Manley International Airport (NMIA), Kingston Container Terminal (KCT), and Wigton Wind Farm Limited, the latter of which, he noted, was “massively” oversubscribed.More than 31,000 persons responded to the initial public offering (IPO) of Wigton shares through the Jamaica Stock Exchange (JSE), which raised the targeted $5.5 billion.This represented the largest IPO in the JSE’s history, the Managing Director further pointed out.Meanwhile, Mr. Reynolds advised that the DBJ is working on several additional PPP projects.These include the National Education Trust Schools Solar Project; the Rio Cobre Water Treatment Plant Project; the National Water Commission’s Northern Parishes Non-Revenue Water Project; the Ministry of Health and Wellness’ Centres of Excellence in Oncology and Nephrology Project; the Jamaica Mortgage Bank’s privatisation; and divestment of the Government’s shares in the Jamaica Public Service Company (JPS).Mr. Reynolds said the PPP programme, for which the DBJ is the chief implementing agency, is central to the Administration’s growth agenda.He noted that the objective is to engage the private sector in the delivery of infrastructure and services that are critical to Jamaica’s economic development.Mr. Reynolds encouraged stakeholders attending the forum to familiarise themselves with the additional projects being pursued, which are detailed in an investment opportunity booklet provided at the event.The market sounding session was arranged to highlight several of these engagements being undertaken in areas such as water, health, energy, and logistics.“We know that presenting a portfolio of projects is of interest to potential investors… and this market sounding session achieves that purpose. It’s a source that you can use for your decision-making in the selection of the projects in which to invest,” Mr. Reynolds said.He assured that “we, at the DBJ, are available, willing and able to share our strategies with you in walking through the process”.The four-day conference, which concludes on Thursday (June 13), is being held under the theme ‘Delivering Economic Growth through Partnerships: Financing Regional Infrastructure, SMEs & Innovation’. The Development Bank of Jamaica (DBJ) has successfully completed 25 transactions under the Government’s Public-private Partnership (PPP) and Privatisation Programme since 2009, facilitating approximately US$1.1 billion in investments. DBJ Managing Director, Milverton Reynolds, said the amount includes US$303 million in sales and US$808 million in private-sector capital investments. He was speaking during a regional market sounding forum at the DBJ’s Private Equity and Infrastructure Development Conference at The Jamaica Pegasus hotel, New Kingston, on Wednesday (June 12). Story Highlights read more

Tourism Stakeholders Welcome Partnership Between Chukka And Dunns River Falls

Story Highlights Tourism stakeholders have welcomed the partnership between Dunn’s River Falls and Chukka Caribbean Adventures, where for the first time, a zip line service will be introduced at the world-renowned attraction.General Manager at the Urban Development Corporation (UDC), Heather Pinnock, said the partnership is certain to yield a lot of benefits and will improve on what currently exists at the Caribbean’s number-one attraction.“This is indeed a first for Dunn’s River but something we are confident will be a welcome addition for our visitors,” Ms. Pinnock said.“There’s no doubt on the part of the UDC and our subsidiary agency, the St. Ann Development Company, that ‘Zip Line over Dunn’s River Falls’ will be a winner and an exciting addition to the tourism product,” she added.Ms. Pinnock was addressing stakeholders and Government officials at the Zipline over Dunn’s River launch at Dunn’s River Falls in St. Ann, on October 4.For her part, Minister of Labour and Social Security, and Member of Parliament for North East St. Ann, Hon. Shahine Robinson, said the Government continues to support public-private partnerships.“Tourism is a sector that consistently and significantly contributes to the positive performance of the economy and employment of our people. Jamaica’s success in tourism… has been possible through hard work and deliberate actions to promote our excellence in service by members of the sector, which is being displayed … with the launch of Zip Line over Dunn’s River Falls,” Mrs. Robinson said.She noted that the Chukka Group has a rich history of success, which, she is confident, will be duplicated in the new partnership with Dunn’s River.“As Minister of Labour and Social Security, the first thing that jumps out of my head is employment and how our people will benefit from this arrangement. I have been assured and I am fully satisfied that there will be an increase in employment and that the community of Ocho Rios and, by extension, the garden parish of St. Ann stand to benefit from the partnership with Chukka,” the Minister stated.Mrs. Robinson further stated that as Member of Parliament, she will continue to support and make every effort to ensure the continued sustainability and viability of “our most treasured tourism product, of which Zip Line is now a part.”Dunn’s River Falls, with its pristine waterfalls and a well-documented ambience, remains one of the world’s best and most visited attractions. It is also one of the largest employers of persons in Jamaica’s tourism sector.Today, Chukka operates more than 60 tours in Jamaica, Belize and Turks & Caicos. It is also one of the biggest attractions in the country, employing some 800 persons locally. “This is indeed a first for Dunn’s River but something we are confident will be a welcome addition for our visitors,” Ms. Pinnock said. General Manager at the Urban Development Corporation (UDC), Heather Pinnock, said the partnership is certain to yield a lot of benefits and will improve on what currently exists at the Caribbean’s number-one attraction. Tourism stakeholders have welcomed the partnership between Dunn’s River Falls and Chukka Caribbean Adventures, where for the first time, a zip line service will be introduced at the world-renowned attraction. read more