Jamaica will modernize its Road Transportation System
IDB loan will help improve mobility and stimulate economic activity
Jamaica will restore its road transportation system damaged by storms with support from a US$50 million loan from the Inter-American Development Bank.
The program will help rehabilitate vital portions of the primary road network, minimize the impact of future flooding on the road system and decrease travel costs for road users. Improved mobility will facilitate access to social services, schools, health centers, jobs, as well as stimulate overall economic activity and improve the quality of life in Jamaica.
The Ministry of Transport and Works will carry out the program through the National Works Agency, which will be strengthened. The program reflects the IDB and Jamaica government strategy of promoting an environment for long-term private-sector-led growth.
The IDB loan is for a 25-year term, with a 5-year grace period, at a variable interest rate.