After four decades of little or not growth, the Jamaican economy is expected to grow at 1-2% over the medium term. The country is confronted by serious social issues that predominantly affect youth, such as high levels of crime and violence and high unemployment.
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WASHINGTON, July 28 2014 —Existing and new businesses operating in Jamaica will benefit from streamlined regulations and processes, public-private partnerships, as well as training and access to finan... Show More +cing 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 Jamaica’s Minister of Finance and Planning, Dr. Peter Phillips. “Creating the environment for innovation and enterprise will afford many vulnerable citizens real opportunities to earn their way out of poverty and marginalization.”According to the 2014 World Bank “Doing Business” report, Jamaica ranked 23rd out of 189 economies in the category of starting a business, but is placed 168th in paying taxes. 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.”The Foundations for Competitiveness and Growth Project will:Improve the business climate and reduce the cost of business transactions through the adoption of new business environment and pro-competition laws, regulations, codes, policies and streamlined administrative procedures;Mobilize about US$ 250 million in private capital to support strategic investment projects, such as for the Logistics Hub Initiative, which will be key to generate long-term growth; andProvide training and access to credit to benefit more than 300 small and medium enterprises.This six-year project is financed by an International Bank for Reconstruction and Development (IBRD) loan of US$ 50 million with a final maturity of 29.5 years and a 5.5-year grace period. It will be implemented by the Planning Institute of Jamaica in collaboration with the Development Bank of Jamaica and Jamaica Promotions Corporation, and falls within the commitment of the recently approved World Bank Group Country Partnership Strategy. Show Less -
Washington DC, July 25, 2014—The World Bank's Board of Executive Directors today approved the following project:Jamaica - Foundations for Competitiveness and Growth Project IBRD Loan: US $50.0 mi... Show More +llion equivalentTerms: Maturity = 29.5 years, Grace = 5.5 yearsProject ID: P147665Project Description: The objective of the project is to strengthen the business environment in Jamaica for private sector investment.For more information, please visit: http://www.worldbank.org/projects/P147665?lang=en Show Less -
WASHINGTON, July 18, 2014— About 15,000 young Jamaicans will benefit from training, digital work opportunities and seed investments to boost the digital and animation industries in the country as a re... Show More +sult of a US$ 20 million loan for a Youth Employment in Digital & Animation Industries Project approved today by the World Bank Board of Directors.“This project facilitates Jamaica’s linkage into one of the fastest growing sectors in the global economy,” said Jamaica’s Minister of State for Science, Technology, Energy & Mining, Julian Robinson. “It is our strongest national thrust to date to mobilize the considerable creative and entrepreneurial talent among our youth towards earning our way to a brighter future.”Global animation is a growing industry currently valued around US$ 220 billion per year. International companies are increasingly looking at Jamaica as a country of choice for outsourcing animation production. As part of its “Vision 2030 Jamaica” plan, the government is looking at the information and communication technology (ICT) sector as playing a central role in the transformation of the country over the next two decades, moving Jamaica from being a consumer to also become a producer of digital platforms and content. "Youth unemployment in Jamaica is about 30 percent. This initiative spearheaded by the Government is about providing opportunities for new talents to get new skills, find jobs or become entrepreneurs,” said Sophie Sirtaine, World Bank Country Director for the Caribbean. “For the technology sector to become an engine for growth and employment, it requires the right environment with training opportunities and the right partnership between Governments, private sector and young people”, she added.This project builds on successful pilots in Digital Jam 2.0 and 3.0 and KingstOOn which helped create new startups and position the Caribbean as a potential hub for the tech industry, linking the region’s youth with digital entrepreneurs, angel investors and centers of excellence in the Silicon Valley and across Latin America. Recently, a number of Jamaican tech-savvy entrepreneurs also embarked in a 100-day accelerator program supported by the World Bank and the Development Bank of Jamaica.Specifically, the Youth Employment in Digital & Animation Industries Project will:Provide training and coaching to 2,000 young Jamaicans, to enhance entrepreneurial skills and employability;Create about 150 startup companies in Jamaica;Establish “Startup Jamaica,” a physical hub for tech entrepreneurs; andMobilize up to US$ 7 million seed funding for tech entrepreneur startups.This project is financed by an International Bank for Reconstruction and Development (IBRD) loan of US$ 20 million with a final maturity of 29 and a half years and a five and a half year grace period. It falls within the commitment of a four-year package of support by the World Bank Group to the Government of Jamaica under the Country Partnership Strategy approved on April 2014. Show Less -
ResultsThe following results were achieved under the Jamaica Second HIV/AIDS Project.Prevention91% of female sex workers reporting condom use with their most recent client (target: maintain more than ... Show More +90%).59.2% of female sex workers who received HIV testing in the last 12 months and who know the results (target: 50%).40,445 female sex workers and 22,145 men who have sex with men reached through prevention activities (target: FSW 14,955; MSM 14,059).19% of prison inmates reached through prevention activities (target: 15%)Treatment, Care, and Support10,469 men, women and children with advanced HIV receiving antiretroviral combination therapy according to national guidelines (target: 9,000)85.8% of HIV positive pregnant women receiving a complete course of antiretroviral (ARV) prophylaxis to reduce the risk of mother-to-child transmission (target: maintain more than or equal to 80%)1.4% of infants born to HIV infected mothers who are also HIV infected (target: less than 5.0%)More than 95% of antenatal clinic clients counseled and tested for HIV (target: maintain more than 90%)Strengthening Institutional Capacity for Legislative Reform, Policy Formulation, Program Management, Monitoring and Evaluation100% of reported cases of HIV-related discrimination receiving redress (target: 70%)100% of institutions/organizations reached adopting HIV/AIDS policies (target: 93%)Bank Group ContributionThe Bank’s total investment contributions in support of Jamaica’s response to HIV/AIDS include the first loan for US$15 million, which was implemented between March 2002 and May 2008, and the follow-on Second HIV/AIDS Project for US$10 million, implemented between May 2008 and March 2013. PartnersThe project was implemented by the Ministry of Health, its four decentralized regional health authorities, four non-health line ministries, civil society organizations, and the Jamaica Business Council. The project was critical in helping the Government leverage additional donor funds, which included US$44.22 million from the Global Fund and US$26 million from the United States Agency for International Development, President’s Emergency Plan for AIDS Relieve (USAID/PEPFAR). Based on the sustainability study conducted by the Bank in collaboration with the Government and the United Nations Program on HIV/AIDS (UNAIDS), the Global Fund has provided an additional grant of approximately US$2 million to assist Jamaica during the transition from external to domestic financing of the National HIV/AIDS Program. Show Less -
IBRD Loan: US $35.0 million equivalentTerms: Maturity = 29.5 years, Grace = 5.5 yearsProject ID: P146688Project Description: The objective of the project is to strengthen public resource management an... Show More +d support selected public sector institutions in facilitating a more enabling environment for private sector growth.For more information Show Less -
WASHINGTON, July 8, 2014— Jamaica’s citizens will benefit from improved service delivery and enhanced business climate as a result of a US$ 37 million project for public sector transformation approved... Show More + by the World Bank Board of Directors.The project will improve customs administration and standardization and modernize the public sector by strengthening government capacity and effectiveness in service delivery.“Without public sector reform, we cannot effectively create the vibrant business environment needed to expand our economy and provide real opportunities for jobs and investment to secure our future,” said Jamaica’s Minister of Finance, Dr. Peter Phillips.As Jamaica recovers from the effects of the 2008 global crisis, the government has also reaffirmed its commitment to tackle some of the key public sector challenges. This project builds on ongoing efforts in public financial management and customs administration supported by other grants from Canada and the UK Department for International Development (DFID) and implemented by the World Bank.“Together with the Jamaican government and development partners, we are working to help drive necessary reforms that will increase efficiency and maximize the use of available resources to create a more vibrant business environment and boost the economy,” said Sophie Sirtaine, World Bank Country Director for the Caribbean. Specifically, the Strategic Public Sector Transformation project will:Strengthen the Public Investment Management System and improve monitoring through citizens’ participation;Implement Results-Based Budgeting to make more efficient and strategic allocation of resources for public investments;Roll out new standard operating procedures for customs to reduce the time and lower transaction costs for trading internationally; andStrengthen the Bureau of Standards to provide improved services to the trading community.This project is financed by an International Bank for Reconstruction and Development (IBRD) loan of US$ 35 million with a final maturity of 29 years and a five year grace period. It also includes a US$ 2.64 million grant from DFID. Show Less -