The Ministry of Economic Growth and Job Creation (MEGJC) is working to revise the Policy Framework and Procedures Manual for the Privatisation of Government Assets during this financial year, which will be brought to the Cabinet.

Acting Investment, Projects and Implementation Manager of the Economic Policy and Investment Branch, Joanne Felix, made the disclosure on the MEGJC 360 programme.

The Privatisation Policy, as it is commonly called, addresses the transfer of government assets, shares, or operational responsibilities to the private sector. It establishes a four-stage process that must be observed and the institutional framework for privatisation transactions.

The Privatisation Policy is being implemented by the Development Bank of Jamaica (DBJ), which is the GoJ’s designated Privatisation Agency.

Meanwhile, Ms. Felix pointed to several achievements of the Economic Policy and Investment Branch, which includes facilitating the revision of the Public/Private Partnership Policy for Jamaica.

“One of the major goals of that revision was to incorporate climate risk assessment as part of the appraisal process for PPPs (Public Private Partnerships) and that’s just one of the many ways that Jamaica is streamlining climate change considerations in its operations”, she noted.

She explained that the Branch also gave oversight to the completion of the first phase of the Garmex Free Zone Redevelopment and Expansion Project on Marcus Garvey Drive, which saw some 126,000 square feet of commercial space being constructed to facilitate manufacturing, warehousing, and distribution for small medium, and large enterprises.

It also initiated the due diligence phase for the 140,000 square foot Boundbrook Urban Center in Port Antonio Portland, for which ground was recently broken, as well as the Morant Bay Urban Center, which is scheduled to be completed shortly.

“The Morant Bay Urban Center is a massive development of over 400,000 square feet, which will see the combination of industrial and commercial space. Similar to the Boundbrook Urban Project,it will facilitate the provision of government services as well as private sector services, so we’re expecting to see that project have a massive impact on the local economy in St. Thomas”, Ms. Felix noted.

The Economic Policy and Investment Branch is mandated to provide guidance and leadership concerning the formulation and amendment of policies and legislation and to monitor all activities associated with the implementation of investment projects.

The Branch has oversight for the Factories Corporation of Jamaica and the Development Bank of Jamaica.

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