For the Jamaica Business Environment Reforms Project, $330 million has been allocated.
The funds were set aside in the 2022/23 estimates of expenditure, which were presented in the House of Representatives Thursday (February 10th) by Dr. the Hon., Minister of Finance, and the Public Service. Nigel Clarke.
The project, which began in October 2021, aims at improving the business environment for private sector investments.
This includes providing technical assistance and support for implementation to address key business competition and regulatory concerns, and strengthening one of the implementing entities, the Planning Institute of Jamaica, to manage, monitor, and evaluate project activities.
The amount allocated for 2022/23 will be used to develop recommendations and drafting guidelines for legislative amendments for the Local Improvement Act; develop a national supply chain strategy and market penetration strategy; begin the development of building codes by Bureau of Standards Jamaica; and implement a mediation framework.
The project, which is scheduled to last until December 2023 is jointly funded in part by the Government of Jamaica as well as the World Bank.
Other implementing entities of the Business Environment Reforms Project include the Ministry of Industry, Investment and Commerce, Jamaica Promotions Corporation, and Development Bank of Jamaica.
