Cabinet Approves Joint Venture Agreement for Morant Bay Urban Centre

Senator the Honourable Ruel Reid Minister of Education, Youth and Information State of the Nation Debate
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Jamaica News: A joint venture agreement for the Morant Bay Urban Centre in St. Thomas has been approved by Cabinet.

Minister of Education, Youth and Information, Senator the Hon. Ruel Reid, said that the agreement, which is between the Factories Corporation of Jamaica (FCJ) and China Harbour Engineering Company (CHEC) Limited, is for the construction of the new urban centre on 28 acres and 365 square feet of land over a two-year period.

He was speaking at Wednesday’s (September 26) post-Cabinet press briefing at Jamaica House.

Senator Reid informed that Cabinet has instructed that the joint venture agreement include a clause that allows the Government to divest its equity through a public offering on the Jamaica Stock Exchange, and that the Ministry of Culture, Gender, Entertainment and Sport consult with the FCJ to incorporate considerations for heritage, culture and sport, including the replacement of the Good Year sports oval.

 

Source: JIS News

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