Jamaica News: The House has approved the withdrawal of $223 million from the Capital Development Fund (CDF) to provide budgetary support to the Jamaica Bauxite Institute (JBI) for the 2018/19 financial year.
Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, who moved the Withdrawal Order during the sitting of the House of Representatives on Tuesday (November 13), said this amount represents 87 per cent of the total required by the JBI for operating expenses and capital expenditure for the fiscal year.
“The remaining funding needs are met through interest income, management fees, and technical services offered by the institute to bauxite companies. We’re committed to only withdrawing from the Capital Development Fund, in line with the Bauxite Production Levy Act,” Dr. Clarke said.
The Finance and the Public Service Minister informed the Lower House that over the last five years, the JBI has received some $976.76 million in budgetary support from the CDF.
The fund was established under the Bauxite Production and Levy Act. It was promulgated in 1974 at the time when the bauxite production levy was imposed, and the proceeds of the levy directed to the CDF.
The JBI was established by the Government in 1975 as a regulatory, planning and development agency to manage the sovereign aspects of the Government’s participation in the bauxite/alumina industry. The JBI is funded by levies from the bauxite industry.
Source: JIS News