Jamaica News: The Port Authority of Jamaica (PAJ) is financing five major projects from its 2019/20 capital budget of approximately $4.39 billion.
These, according to the 2019/20 Jamaica Public Bodies Estimates of Revenue and Expenditure, are the Port Royal Cruise Port; Logistics Development; Business Process Outsourcing (BPO); the Port Community Systems (PCS); and the Kingston Container Terminal (KCT) Quay Wall, and Falmouth Developments.
The document states that $1.17 billion is budgeted to initiate work to establish Port Royal as a new cruise ship destination, in keeping with plans to further boost Jamaica’s capacity in this regard.
Meanwhile, nearly $891 million will be spent to complete an 18,000-square metre logistics facility at the Port of Kingston, which is expected to contribute to economic growth and revenue expansion.
This, the document outlines, through the creation of logistics clusters and value-added services as an integral link in the global supply chain.
The PAJ has budgeted $522.8 million to complete a 157,000 square-foot facility in Portmore, St. Catherine.
This will be in addition to Montego Bay’s 63,000 square feet BPO facility, which is now complete and operational.
It is expected that this will further contribute to the overall growth of BPO operations in Jamaica, and generate in excess of 4,000 additional jobs.
Meanwhile, the Authority has programmed $457.7 million to complete and implement the PCS import and export modules at the island’s ports.
Additionally, the PAJ has budgeted $248.6 million to construct the KCT quay wall, while ongoing works at the Hampden Wharf in Falmouth are expected to cost some $267.4 million.
The Authority anticipates an operational surplus of $3.26 billion for 2019/20, as against just under $4 million generated at the end of 2018/19.
The PAJ has indicated that the programmed engagements are consistent with the Government’s medium-term strategic priorities, geared towards sustainable development, revenue diversification, international trade, cruise expansion and economic growth.
The entity emphasises that protection and enhancement of the marine and port-related environment are among its strategic imperatives.
It adds that keen focus will be placed on enhancing port security, which is consistent with global developments in the maritime sector.
The PAJ reaffirms its commitment to fulfilling its mandate as the principal maritime agency with regulatory and developmental responsibilities for Jamaica’s ports and support facilities, whilst contributing to the Government’s growth agenda.
Source: JIS News