THE EDITOR, Sir:
I WOULD like to use this medium to correct an inaccuracy contained in an article entitled 'A murderous increase' by Ms. Dawn Ritch and which appeared in The Sunday Gleaner of December 14, 2003.
The article made passing reference as follows: 'Phillip Paulwell, then Minister of Technology lost over US$300 million not too long ago in a technology gamble in grants and loans to overseas firms in Jamaica. That was another $2 billion more of public funds down the drain."
Please note that the Government did not lose US$300 million as stated in the article. This could be misleading to your readers.
Under the Intec Project, approximately $700 million in loans were made to IT businesses while approximately, $240 million was provided as training grants to support various IT training initiatives.
Under these two programmes, total disbursement was in the order of less than $1 billion (approximately US$16.7 million using current exchange rate) and not US$300 million.
I am, etc.,
PHILLIP PAULWELL
Minister of Commerce,
Science and Technology
