Minister of Finance and the Public Service, Nigel Clarke, and World Bank Director for the Caribbean, Tahseen Sayed signed the loan agreement of the Second Rural Economic Development Initiative (REDI II) Project in March 2020. Other members of the head table looking on include Resident Representative for Jamaica and Guyana, Latin America and the Caribbean Region, Ozan Sevimli, and Managing Director of the Jamaica Social Investment Fund, Omar Sweeney. (File Photo) (Photo: MFPS)

WASHINGTON, DC, United States — The World Bank yesterday said its board of executive directors has approved additional financing of US$10 million for the ongoing Jamaica Foundations for Competitiveness and Growth Project.

The funds will be used to scale up support for the Government’s business climate reform agenda and contribute to Jamaica’s economic recovery by improving the business environment.


“This additional financing will support initiatives that encourage business growth in Jamaica and strengthen the environment for private sector investment. These changes are more critical now than ever, as the private sector has been hit hard by the economic and social impacts of COVID-19. The additional financing will help Jamaica build back better through support for reforms to make it easier to do business, which will benefit local entrepreneurs,” a World Bank release quotes its Resident Representative for Jamaica and Guyana Ozan Sevimli.