RAM… this strategy will support Jamaica in its efforts to further diversify its economy (Photo: CDB)

THE Caribbean Development Bank (CDB) has announced a US$172-million programme of assistance for Jamaica that will run from now to the year 2021.

These resources will be augmented by £17.5 million in grants from the United Kingdom Caribbean Infrastructure Partnership Fund (UKCIF), the bank said in a release yesterday .

The programme of assistance, which was outlined in a new Country Strategy Paper, was approved by the bank’s board of directors yesterday.

“This strategy will support Jamaica in its efforts to further diversify its economy, building on the relative success of its tourism industry. It will also focus on improving the business regulatory environment. In consultation with country stakeholders, the bank has designed the programme of assistance to respond to challenges that can stymie diversification, such as the high incidence of violent crime, inadequate semi-skilled and skilled labour and social inequalities,” Dr Justin Ram, CDB’s director of economics, is quoted as saying in the release.

The strategy is built around four key pillars, with cross-cutting themes of citizen security, gender equality and energy security.

The first pillar, the release said, is to enhance educational quality and improve the effectiveness of social protection.

“CDB-supported interventions will focus on improving access to, and the quality of, education,” the release said. “At the community level, the bank will continue to support initiatives to strengthen local economic development and expand income-earning opportunities for vulnerable groups.”

http://www.jamaicaobserver.com/news/caribbean-bank-to-pump-us-172m-into-jamaica_119953