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Development Lease for Sections of Rail System


Jamaica News: Cabinet has given approval for a change in approach for the privatisation of the Jamaica Railway Corporation (JRC) services to include pursuing a development lease for the rail system for sections from Montego Bay, St. James to St. Elizabeth.

This was noted by Minister with oversight for Education, Youth and Information, Hon. Karl Samuda, during a post-Cabinet press briefing at Jamaica House on January 15.

The Minister said Cabinet has given approval for the establishment of an Enterprise Team to oversee and manage the strategic engagement with potential investor partners for the privatisation.

“Cabinet has also given approval for the engagement of the Development Bank of Jamaica as the Transaction Manager to execute the transaction,” he said.

Members of the enterprise team are Chairman, Howard Mitchell; Milverton Reynolds; Fitzroy Williams; Michael Schloss; the Permanent Secretary or nominee from the Ministry of Transport and Mining; the Permanent Secretary or nominee from the Ministry of Economic Growth and Job Creation; and the Solicitor General or nominee.

Mr. Samuda said a development lease affords private-sector companies the opportunity to develop and maintain the assets over the life of the lease.


Source: JIS News

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