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SIX sections of the island which are perennially plagued by flood waters during the hurricane season, are set to receive attention from the government, following the official signing of a US $10 -million loan agreement between Ministry of Finance (MOF) officials and the Inter-American Development Bank (IDB).
Speaking at the signing ceremony Wednesday, Minister of Transport and Works Mike Henry stated that the government had already identified the areas to receive immediate attention once the funds became available. These are the Bog Walk Gorge, St Catherine; Roselle main road, St Thomas; the Muirton to Fair Prospect roadway in Portland; the Georgia Bridge, St Thomas; the Yallahs River, St Thomas; and Fern Gully, St Ann.
The $10-million dollar loan, which falls under phase one of the loan agreement, will also be used towards the reimbursement of the immediate response expenditures by the government following the passage of Hurricane Dean as well as the prolonged heavy rainfall that affected the island during September-October last year.
Following the completion of the works on the six areas, Jamaica will receive a further loan of US $20 million from the IDB, which is to be used to address unspecified additional works. Works under phase two of the loan are scheduled to begin by the fourth quarter of the next financial year. The US$10-million loan is to be repaid over the next 25 years at an interest rate of just over five per cent.
Speaking at the contract signing, Finance Minister Audley Shaw sought to reassure the public that acquiring this loan would also result in several financial benefits for the island in spite of Jamaica's high international debt.
“I don't want to give the people of Jamaica that its just loans, loans, loans… We want to diversify our loan portfolio [in order] to access more loans from the multilaterals that are much cheaper.”
“If we can get loans for three per cent and four per cent why pay 10 or 12 per cent? It's just common sense,” he said.
In the meantime, a contract was also signed between the MOF and the IDB to provide US $1 million in grant funding to the Office of Disaster Preparedness and Emergency Management (ODPEM) to enhance their disaster risk management capabilities in towns and cities along Jamaica's coastline.
The IDB will provide US $800,000 while the government is slated to provide the remaining $200,000.
Among the measures outlined by the ODPEM to be carried out under this project include the production of hazard specific maps, the training of local personnel in areas of damage assessment and shelter management, and the production of multi-hazard assessments among several other things.
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