THE GOVERNMENT of Jamaica yesterday signed a $1.4 billion (20 million euro) financing agreement with the European Commission.
The financing will be used to support the country's Private Sector Development Programme (PSDP), said Patricia Francis, president of JAMPRO, the PSDP co-ordinating body.
Mrs. Francis was speaking at the signing ceremony held at the Ministry of Finance and Plan-ning, National Heroes Circle, in Kingston.
Enhancing the competitiveness of Jamaica's enterprises is one of the focal areas of the current Jamaican/European Union country support strategy, said Gerd Jarchow, Head of Delegation of the European Commission of Jamaica.
He said this focus was in recognition of the fact that economic recovery and growth in Jamaica should be driven primarily by the private sector.
"We have worked with the European Union and all the private sector partners getting together to design the programme," said Michael McMor-ris, JAMPRO executive director for markets.
He said in an interview that the programme would be implemented on a phased basis.
"Funds will start flowing as soon as we employ short-term consultants to start the real work," Mr. Jarchow said.
It should be possible to start delivering services in the next four or five months.
"We need the capacity in the private sector to be able to deliver the technical services to the private sector companies," Mrs. Francis said. It is not only the targeted private sector companies which will benefit from the programme but also the consultants which will be offering their technical skills.
